To cover the outstanding loan balance on Ubank personal loans, it is essential to take out Credit Life Assurance. This will help you to cover life’s unexpected eventualities. It is the perfect solution to honour your loan repayments should you die, or if you are unable to earn an income for any reason such as, disability, retrenchment or temporary loss of income. This policy is underwritten by Hollard Life Assurance Company Limited.
What are the features of the product?
Credit Life Assurance’s main objective is to help you repay your loan when you are unable to do so. Hollard will settle your outstanding loan balance (and pay Ubank), in the event that:
You suffer from a temporary or permanent occupational disability
You become retrenched
If you experience temporary loss of income, Hollard will pay Ubank your monthly loan instalments for a maximum period of 12 months
When this Policy Ends
The policy ends when any of the following happens:
The balance on the loan is settled
The credit agreement is terminated for any reason
You do not pay the total premiums due under the policy
Any conditions for eligibility are no longer met
The main insured person dies
The policyholder ends the policy
The notice period for cancelling the policy comes to an end
What are the Benefits of Credit Life Assurance?
Your family will not be burdened with your debt when you die and you will not have to worry about loan repayments if you are unable to work due to temporary/permanent disability or retrenchment.
How to claim your benefits:
Contact Hollard on 0860 448 222 if you want to make a claim or visit your nearest branch for assistance.
The customer must inform Hollard of the claim in writing within 180 days from the date of the insured event. Hollard will tell the customer about the evidence and other documents that are required to process the claim.
The customer must send the required evidence and other documents within the time specified by Hollard. All the information that the customer submits must be in the format prescribed by Hollard.
If the steps mentioned above are not followed, or Hollard does not receive the information requested within the agreed time, the claim will be delayed.
When claiming for temporary or permanent loss of income, proof of the loss of income will be needed when you claim.
The waiting period is the period during which claims will not be paid. This period begins from the benefit start date or restart date.
The death benefit of the credit life assurance does not have a waiting period.
If the term of your loan is one month or less there will be no waiting period for any of the benefits
The waiting period for the retrenchment or temporary loss of income benefit is 3 months in a row, if the term of the loan covered is more than 1 month.
There are no waiting periods for the disability benefit
Exclusions of the Product
A claim will not be paid if:
The insured event occurs because of criminal activities.
The main insured person was not eligible on the benefit start date.
The insured event or accident leading to the insured event, takes place before the benefit start date.
The death / disability benefit will not be payable during the 12 month period after the benefit start date where the main insured person suffered from any condition (i.e. any medical condition, physical defect, illness, bodily injury or disability) of which the main insured person was aware or ought reasonably to have been aware and for which the main insured person received treatment or consulted a physician in the 12 month period prior to the benefit start date where the claim event was caused directly or indirectly by the pre-existing condition.
The death / disability benefit will not be payable if any claim arises directly or indirectly traceable to self-inflicted injuries, suicide or attempted suicide within 12 months of the commencement of insurance.
The retrenchment / loss of income benefit will not be payable if the main insured person was aware of had reasonable grounds for believing that he/she would become unemployed, retrenched or redundant within 3 months prior to the benefit start date.
Please note that the above list is not a comprehensive list of all applicable exclusions for the product. Click here for the full list of exclusions.
To find out more information about this product:
Visit your nearest branch with all the relevant documents to apply or contact the call centre on 086000 8322 for more information relating to an existing policy.