If you’ve seen the news reports about household names in the credit industry being taken to task by the Regulator for “incorrectly selling credit insurance products, was probably the first time you heard about credit life insurance, but if you have ever purchased anything on credit, or taken out an unsecured loan, chances are, you have also bought credit insurance.
Credit life insurance is the insurance cover a consumer takes out in the event of their death, disability, terminal illness, unemployment, or another insurable risk that is likely to impair the consumer’s ability to earn an income or pay their monthly instalments under a credit agreement.
We have Avitha Nofal as my guest, and she is the senior legal advisor at the Credit Ombuds, to give Personal Finance listeners a bit more insight on credit insurance, and what the consumer's rights are in this regard.
* The Personal Finance podcast has made the shortlist for the upcoming Sanlam Financial Journalism awards in both the audio/broadcast and the consumer education categories. It is a great honour to have been nominated, and we thank all our listeners for their growing support.*