Credit-life insurance is a type of cover linked to your personal loan that helps protect you and your family if something unexpected happens. If you pass away, become disabled, or lose your income, the insurance can step in to settle some or all of your loan.
In South Africa, credit-life cover is regulated by the National Credit Act (NCA), and the monthly premium is added to your loan repayment. The cost may differ depending on the loan provider and your personal risk profile.