From injuring your hand to a speck of glass in the eye, these are examples of how fragile the human body actually is. Too often, lives are drastically changed in an instant. In just a few seconds of distraction, shattering accidents can happen. While some walk away unscathed, others face living the rest of their lives with a drastic, permanent disability.

 

When a previously able-bodied person loses motor function, a limb or the ability to walk, the mental and emotional toll can be devastating. Add to this the inability to work, and the situation can feel completely hopeless. In some cases, permanent total disability occurs and in others, the patient suffers permanent partial disability. In either event, the person could completely lose their ability to work and earn a living.

 

Some may be able to rely on family and friends for support, but would you rely on a friend to settle your car, credit card or loan amounts? With credit life insurance in place, disability benefits provide great relief in these situations. With a successful claim for permanent disability, the full outstanding credit amounts could be settled by the insurer, directly with the credit provider

 

When your life has been turned upside down, and you need to learn how to cope with debilitating injuries, finances shouldn’t add to the challenges you’re facing, but they do. Getting the right cover effectively relieves the pressure, allowing the patient to focus on themselves, and their family.

 

Contact Switch2 Credit Life, get covered, and enjoy peace of mind knowing you can live, even when you can’t work.   

 

 

Switch2 is a division of Clientèle Life Assurance Company Limited, an authorised financial services provider and registered insurer, FSP No. 15268. For terms and conditions visit www.switch2.co.za. This article and its contents do not constitute financial advice.www.switch2.co.za. 

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Blog

01

The Difference Between Credit Life Insurance & Life Insurance

In the heavily regulated and legislated insurance industry, jargon can become confusing. It is essential that consumers remain aware of which cover covers which debt or event; particularly to avoid a nasty surprise when it comes to claiming.

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02

Three Simple Ways To Save Money In 2017

Saving money shouldn’t be a burden – and it isn’t all that difficult to do. When we’re tied up in our own finances it can become difficult to identify saving opportunities, but with a bit of perspective saving really can become simple.

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03

Top Tips; How Credit Life Assurance Affects You

The Credit Ombud defines credit life assurance as; “The cover a consumer takes out in the event of their death, disability, terminal illness, unemployment, or other insurable risk that is likely to impair the consumer’s ability to earn an income or pay their monthly instalments under a credit agreement.”

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04

Credit Life Assurance; An Insurance Lifeline

As the saying goes, two things are certain in this life; death and taxes. Unfortunately, death is not the end of the line for your credit – leaving loved ones with the responsibility of settling what they can out of your estate.

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05

Is Switching Credit Life Cover Legal?

Credit life insurance is a mandatory requirement in terms of the National Credit Act (NCA). While it is a requirement to have the cover in place, there is no prerequisite as to which provider the cover should be taken through and it’s a creditor’s right to choose who to insure through. As such, while creditors are required to have credit life insurance in place, they may switch cover without any repercussions.

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06

Which Loans Usually Include Credit Life Insurance?

According to a study by Business Report, credit life insurance is by far the most common form of long-term insurance by number of policies sold globally (although it can be a short-term insurance product too).

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07

Three Tips For Managing Credit Life Insurance

Credit life insurance can be a grudge purchase, but it is nevertheless required by law. While debtors are required to take this cover, there is no set requirement regarding with which provider the cover must be held. The keys to managing credit life insurance are; knowing your rights, reviewing your loan agreement, and cross-checking the cost of the cover.

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08

Four Steps To Financial Discipline

If you’ve ever dreamed of a day when your home-loan is the only debt to pay, you’ll know that that dream will never materialise without financial discipline. Constantly revolving on loans or using the minimum payment paid into the credit card keeps consumers in debt, spending a fortune on interest and consistently living beyond their means.

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09

How Will Junk Status Affect SA's Pockets

South Africans collectively shook their heads in incredulous disbelief as the announcement was made that the country had been downgraded to junk status. While this will undoubtedly affect our pockets, the responsible approach is to implement contingency plans, learning to cope with the added pressures this downgrade entails.

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10

Saving For A Rainy Day; Will It Be A Drizzle Or A Flood?

The first step to financial planning is setting a budget. The second is sticking to it. In planning effectively for the future, a certain amount of savings should be built into the monthly budget. This money should be put aside – and if you have a propensity for transferring it back to use in the same month, put it in a limited-access account to ensure you make headway in protecting your future financial freedom.

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11

UNDERSTANDING THE CLAIMS PROCESS

At Switch2, we believe in following a TCF Policy; Treat Customers Fairly. Part of this is helping customers to claim, even when they aren’t sure they can. The first step to achieving this is to help customers understand the claims process.

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12

THREE GREAT WAYS TO SAVE & EARN WITH SWITCH 2

Whether you’ve got store accounts or a credit card, vehicle loans or credit life cover, Switch2 strives to save you money. But that’s not enough. To create real nett worth, the key is to earn while you save.

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13

WHAT THE NEW CREDIT LIFE INSURANCE REGULATIONS MEAN TO YOU

Next month (August 2017), new credit life insurance regulations will come into effect. These regulations have been established to offer you, the consumer, greater protection. However, as is often the case when it comes to credit life insurance, if you aren’t aware of your rights and the benefits they entitle you to, you can’t claim these benefits.

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14

UNDERSTANDING CREDIT LIFE INSURANCE

Credit life insurance is often poorly understood; even by those that are most likely to purchase it. Generally, the first experience credit consumers have with insurance is credit life cover, yet many don’t fully grasp what is included, how it works or what their rights are.

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15

BUYER FOCUS: CREDIT LIFE COVER ON VEHICLES

When purchasing a car, there are many difficult decisions to make. From fixed and linked interest rates, to the ideal deposit amount, new or used, balloon payments and the optimum contract period, buyers should ensure that they’ve done their research and understand the implications before signing on the dotted line.

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16

FROM CLAIMED TO PAID: HOW LONG DOES IT TAKE?

The purpose of credit life insurance is to assist consumers in paying their debts in the event of an insured event occurring. Whether due to death, disability, illness, maternity leave or retrenchment, the urgency of having claims paid timeously cannot be overstated. The key is to receive assistance before creditors are forced to take legal action, making what could already be a stressful time in the consumer’s life even more strenuous.

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17

WHAT TO DO WHEN YOU’RE SINKING INTO DEBT

Financial management can be a tricky endeavour. Whether personally or professionally, debt has a way of creeping ever higher, seemingly unnoticably. If you feel like you’re sinking into debt, do not fret - here are three tips to help you get back on your feet.

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18

3 EASY WAYS TO STOP YOURSELF FROM OVERSPENDING

It’s silly season and the holidays are (almost) in full swing. The festive season is often a time when most throw caution to the wind and engage in enough retail therapy to last well into the new year. The thrill of getting that item you covet is, however, distinctly short term. The cost, on the other hand, will have a lasting and often damaging impact.

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19

THREE STEPS TO PAYING OFF DEBT IN 2018

WHEN YOU DON’T KNOW WHERE TO START

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20

HOW TO CLAIM YOUR CREDIT LIFE INSURANCE IN FIVE EASY STEPS

Credit life insurance is essential. It protects the consumer against a bad credit rating when the unforeseen happens, while preventing bankruptcy in the event of disease, disability or retrenchment (among others). In the event of death, this insurance will ensure that your family is not put under additional financial strain. Yet, if you don’t know how or when to claim, the cover is meaningless.

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21

WHY NEW MOMS LOVE CREDIT LIFE COVER

When the news arrives that the pitter patter of little feet will soon be heard, the excitement is often tangible. It is an exhilarating time in most people’s lives. However, as preparations are made for the baby’s arrival, the financial implications sometimes dampen the mood.

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22

DOES DISABILITY MEAN POVERTY?

From injuring your hand to a speck of glass in the eye, these are examples of how fragile the human body actually is. Too often, lives are drastically changed in an instant. In just a few seconds of distraction, shattering accidents can happen. While some walk away unscathed, others face living the rest of their lives with a drastic, permanent disability.

Read more

23

CREDIT LIFE INSURANCE: FINDING THE RIGHT FIT

Consumers often feel like they’re drowning in the murky waters of credit life insurance. Insurance in general can become confusing. Finding the right cover for your unique requirements can present a challenge – and finding a provider that won’t overcharge you may seem impossible.

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24

WHAT THE VAT INCREASE MEANS FOR YOUR FINANCES

“It’s only one percent, how bad could it be?” This sentiment is one that should be avoided.

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25

5 THINGS FINANCIALLY SUCCESSFUL PEOPLE DO DIFFERENTLY

With yet another petrol price hike and the ever-rising cost of living, many feel as though they are drowning. From expensive debt repayments to living from hand to mouth, South Africans must act fast if they are to take back control of their finances.

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