Assetlife is credit protection insurance, offering you the best cover at the lowest premiums. Please allow us to illustrate to you that this is a fact.
What is credit protection insurance?
Credit protection insurance ensures that your finance and loan agreements will be settled should you pass-away or become permanently disabled.
Credit protection insurance ensures that your spouse and family never inherit your debts but rather you leave them debt free assets such as a home, car, furniture and appliances.
Most banks and finance companies insist on their customers taking credit protection insurance when credit is extended to them. This cover does protect the interests of the customer but it tends to be expensive.
Does Assetlife have the lowest premiums?
Yes. Assetlife provides a comparable range of credit protection benefits at a fraction of the cost of credit protection cover offered by most banks, finance companies and loan providers.
When should you consider using Assetlife cover?
If you don’t have credit protection cover, Assetlife provides the full benefits of this cover conveniently and at the lowest premiums.
Should you already have credit protection cover there is an opportunity save on your monthly premiums by switching to lower monthly premiums offered by Assetlife.
Switching from conventional credit protection cover to Assetlife saves you up to 70%.
Why do I need Assetlife Credit Protection?
Assetlife settles your credit agreements upon your death or permanent disability. Therefore if you die your family will not have the burden of settling debts without your income. This policy should also offer the peace of mind that if you should become permanently disabled and no longer be able to earn an income, your debts will also be settled.
How much does it cost?
Switching from conventional credit protection cover to Assetlife creates premium reductions of up to 70%.
Why is Assetlife cheaper?
There are 3 reasons why Assetlife has lower premiums :
1. Individual Premiums
Conventional credit protection charges the same premium to all customers, whereas Assetlife premiums are calculated specifically for you. This means you are not subsidising the premiums of individuals that are considered of greater risk than yourself.
2. Consolidated Cover
Conventional credit protection policies cover a single credit agreement, whereas multiple credit agreements can be covered using the Assetlife policy. This means you can cover your home loan, car finance contract, personal loans and credit cards using the single Assetlife policy. This removes duplicate administration costs that would exist across multiple policies.
3. Assetlife is reasonably priced
Conventional credit protection will often have premiums which allow for unreasonable profit margins. Assetlife charges premiums that are reasonable and reflect the risks that are covered.
Please clickon the apply online button to answer a few short questions and we will provide you with an accurate quotation.
Is Assetlife’s cover better?
Conventional credit protection provides cover for the amount of the outstanding balance of the credit agreement, settled directly with the bank or finance company.
Assetlife provides cover for the full original balance of the credit agreement amount, settled directly with the bank or finance company and the balance i.e. the amount that has already been repaid on the credit agreement is payable to the policyholder or the policyholder’s beneficiary.
This is a significant benefit that Assetlife offers over all other conventional credit protection policies.
Frequently Asked Questions
You choose the period for which you need cover. This will usually link in with your outstanding term of your credit agreement/s or for convenience we can make it for life, and you stop this as you need. In any instance, the death cover will cease at age 70 and the disability cover will cease at age 65.
All you need to do is make sure that Zestlife is notified of any claim within 180 days and a claim form will be provided.
The policy covers you for death and permanent disability, a settled claim on either of these events will result in the policy terminating. With respect to Critical Illness and Retrenchment Cover multiple claims may arise subject to certain restrictions listed in the policy wording.
The premiums are not tax deductable, and any pay-outs that take place from the policy will also be tax free.
The payment of your claim will be the amount you originally stipulate, which will not decrease over time. Any amount that is not used to pay your listed creditors, will be paid to you or your nominated beneficiaries.
“There is a pre-existing condition exclusion that excludes claims that occur within 12 months of the policy being taken out that are related directly or indirectly to physical defect, medical condition or injury which manifested symptoms to the insured within 12 months prior to the commencement of the policy.
As is the case with all Insurance there are certain standard exclusions, which help keep the premiums affordable. For example no claims will be payable that result from:
- war, invasion, act of foreign enemies, hostilities
- participation in labour disturbances, riot, strike or lock-out
- willful exposure to danger
- intentional self-inflicted injury, suicide or attempt thereat
No disability claim under this policy will be paid in the event of the claim arising directly or indirectly from:
- mental disorders not attributable to a specific physical injury or a stroke which occurred after the policy was issued.
- chronic fatigue syndrome is specifically not covered.
- lower back pain where the cause cannot be observed via a medical test or scan.
There are also certain exclusions for the Retrenchment, Critical Illness and Road Accident Cover. Please contact us for full details.”
No, this is risk only insurance meaning that the benefits are only payable in the event of your death, permanent disability, critical illness or retrenchment. This is done so as to keep the premiums as low as possible.
“In general conventional life cover would be taken out to ensure your surviving family would have enough to cover their living expenses in the event of your death or permanent disability. Assetlife caters very specifically for the settlement of creditors should you die or become permanently disabled. Assetlife would settle your creditors in a way that will ensure none of the cover you may have taken out to specifically provide for your families living expenses is diverted for this purpose. Assetlife is also structured to ensure that outstanding debt on your Car and House is settled thereby leaving your surviving family with security of having these major asset paid up.
Assetlife has the additional benefit of paying the creditor directly, meaning your estate does not have the burden of dealing with the legal and collections departments of such.”
RoadCover gives victims of motor vehicle accidents immediate access to an effective Road Accident Fund (RAF) claims management system with NO costs to themselves. This service offering manages your claim with the RAF from start to finish, allowing its members who become motor vehicle accident victims, to be compensated by the RAF in full.
Phone RoadCover (0860 RCOVER/726837) during office hours (8:30 to 16:30) and give the particulars of your case.
You may also be interested in:
Road Accident Cover – This cost effective insurance pays R119 000 to the policyholder in the event of injury to the policyholder or a member of the policyholder’s immediate family.