Credit insurance
Get affordable credit insurance for cover on a credit card, access facility or personal term loan.
Get affordable credit insurance for cover on a credit card, access facility or personal term loan.
Credit insurance covers you in the event of permanent or temporary disability, retrenchment, unemployment, the inability to earn an income (other than due to disability), or death. Credit insurance may be compulsory depending on your individual risk profile and your credit product. While we offer this insurance (underwritten by Capitec Life), you can provide us with an alternate policy of your choice, provided it meets the minimum requirements.
Your credit insurance premium is charged monthly at a rand amount per every R1 000 of your outstanding balance. This means that the longer you pay (and the less you owe), the lower your monthly credit insurance premium becomes.
Other features include:
The payout benefits below apply to policies entered into from 10 May 2020. If you entered into a policy before 10 May 2020, click here for your policy details in the credit insurance section.
Benefit type | Payout |
Death | Full outstanding amount |
Permanent disability | Full outstanding amount |
Temporary disability | A maximum of 12 instalments |
Unemployment, the inability to earn an income other than as a result of disability, or retrenchment | A maximum of 24 repayments (3-month waiting period for retrenchment or termination of employment) |
Make sure you understand the insurance terms and conditions (including restrictions, limitations, waiting periods and exclusions) when you apply. This will give you peace of mind knowing exactly what you're covered for.
You have the right to not take a Capitec credit insurance policy underwritten by Capitec Life, but then you have to provide Capitec with a suitable alternate policy of your choice.
The minimum requirements for an alternate credit insurance policy are:
If you would like to see your credit insurance policy, please call our 24hr Client Care Centre on 0860 10 20 43 or visit a branch.
Our credit insurance is underwritten by Capitec Life Limited (Capitec Life), a licensed life insurer. Reg. No.: 2021/924456/06.