As the outstanding balance on your home loan decreases, shouldn't your credit life insurance premium as well?She describes credit life insurance as an insurance product specifically designed to cover the cost of your debt if you aren’t able to pay it back due to disability, unemployment or death.
John has already paid off his mortgage, but says while over 10 years it reduced from R500 000 to R100 000 the premium remained more or less the same for the year - about R6 800.Nedbank responded to Knowler's query as follows: Credit life insurance is compulsory on personal loans, but voluntary - and pretty costly - on the likes of car and home loans.
and then you try to use said cover - they go through a multi paged document (filled on both sides of page of pre-invented reasons not to assist you through hardships) banbanks
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