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Credit insurance pays your debts upon death (so your estate remains unburdened)

Credit insurance is a type of life cover.

A borrower buys credit insurance that pays off existing debts in the event of death and, sometimes, disability.

The Money Show’s Bruce Whitfield interviewed Reana Steyn, Deputy Credit Ombud, for his "Make Money Mondays" feature.

Scroll down for quotes from the audio below.

You can substitute a retailer’s credit insurance with your own policies.

Reana Steyn, Deputy Credit Ombud

We do credit information complaints. We also do all credit related complaints, except those pertaining to banks. For that there is a banking ombud.

Reana Steyn, Deputy Credit Ombud

Everything you do is listed at the credit bureaus. But not forever. Your life is not over if you’re blacklisted.

Reana Steyn, Deputy Credit Ombud

The minute you default, or you’ve paid the debt, the product falls away. This is not your life cover for the rest of your life.

Reana Steyn, Deputy Credit Ombud

Miss-selling credit insurance is a big issue currently in South Africa.

Reana Steyn, Deputy Credit Ombud

If you’re self-employed you don’t need retrenchment cover.

Reana Steyn, Deputy Credit Ombud

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This article first appeared on 702 : Credit insurance pays your debts upon death (so your estate remains unburdened)


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