ShapeShifter, Evergreen Content

Got loans? Save money! You’re paying for insurance (even if you don't know it)

Credit life insurance (pexels.com, 2018)

The top six banks would like you not to exist… They must hate you!

Ray White

There’s this market that’s being created particularly by the lenders because they’re protecting themselves… the market is… bigger than funeral insurance!

Nkazi Sokhulu, Yalu

We would welcome them adjusting their rates… We’re here to change the way this industry is structured… if they dropped their prices, we’d be glad…

Nkazi Sokhulu, Yalu

You may or may not know it – many don’t - but you’re almost certainly paying credit life insurance on all your loans.

Even those who realise they’re paying for credit life insurance don’t know they can choose their credit life insurance provider – you don’t have to accept the default option!

Credit life insurance covers you if you’re unable to repay a loan due to death, disability or retrenchment.

The Money Show’s Bruce Whitfield interviewed Nkazi Sokhulu (co-founder and CEO at Yalu) for his weekly “ShapeShifters” feature.

Yalu believes its offering is better than everything else in the market, for these reasons:

  • The premium reduces every month as the loan amount reduces. You only pay for the cover you need to secure the outstanding balance.

  • The plan refunds 10% of premiums at the end of the loan term if you have not claimed on the policy.

  • Simplicity – it’s the first and only policy in the market you can buy effortlessly online in under five minutes.

  • Yalu removes the pain of switching from a credit life insurance provider by sending the cancellation letter required by your existing credit life policy on your behalf.

  • Yalu guarantees coverage for all benefits not required by the credit life insurance regulations that your current credit life insurer covers.

  • Affordable and transparent, with clearly defined benefits, premiums and speedy claims processes.

  • One policy covers all loan commitments - saving you on unnecessary admin fees and debit order costs for multiple policies.

Yalu currently only covers personal loans but plans to soon extend its offering to student loans and credit cards.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

We’ve seen banks counter our customers…

Nkazi Sokhulu, Yalu

I was always a bit of a firebrand… the idea came in little pieces… It just gelled beautifully…

Nkazi Sokhulu, Yalu

Our underwriter is Old Mutual… they’ve been really amazing for us… It’s blindingly simple, so they just supported us all the way…

Nkazi Sokhulu, Yalu

The biggest issue we came across was the credibility deficit… The more we showed our depth of knowledge… people started warming up to us…

Nkazi Sokhulu, Yalu

We’re here to guarantee people that in their time of need Yalu will be able to pay…

Nkazi Sokhulu, Yalu

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This article first appeared on 702 : Got loans? Save money! You’re paying for insurance (even if you don't know it)


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