Credit Life

Cover for your car debt when you are no longer able to pay

Credit Life provides a safety net for you and your loved ones.

M-Sure will pay the outstanding debt on your car finance agreement when you become seriously ill, are unable to work, or pass away.

Is our Credit Life not what you’re looking for?

How do you benefit from
Credit Life Cover?

  • If something happens to you and you can no longer pay:
    • Your financed car will be paid off or your instalments will be covered
    • Your family may get the same amount of money to use as they wish (Gold Plan)
    • You get 10% cashback on premiums paid (Gold Plan)
  • You can finance your car without risk.

You can purchase the Credit Life Plan through our national call-centre.

Affordable monthly payment options

Case in point –
How does Credit Life Cover benefit Thato?

Thato buys his dream double cab. It is big enough to take his wife and three teenage daughters on holiday. The bakkie costs R530 000 which Thato finances through his bank. Thato is in good health for his age, but he worries about his family should something happen to him. M-Sure’s Credit Life Cover that provides for diseases, disabilities and unforeseen life events gives him some peace of mind.

Two years later, Thato suffers from a stroke that leaves him paralysed on his left side. He can no longer work and worries about the financial burden of his remaining car instalments. Thato’s Credit Life policy kicks in and pays the outstanding vehicle amount owed to the bank. Fortunately, Thato had purchased the Gold Plan and the same amount is also paid to his family and Thato’s wife uses it to pay for physical therapy to help him on his road to recovery.

Credit Life Plan options

Plan Options available Gold Silver Bronze Option 1 Bronze Option 2
Entry age group specifics
Scenario events
Death * * * *
Permanent total disability * *
Seriously ill * *
Temporary total disability ** **

Hospitalisation or Retrenchment
(but not both)

** **
Additional ^

* We will look after the outstanding amount due to the bank
** We will pay your monthly premiums due to the bank

^ Paying the following additional amounts:

^ Same amount that we pay to the bank, to your family
^ A percentage of all premiums paid [excluding fees], provided that the policy expires after month 36.

The small print

  • Depending on the benefit plan selected, maximum entry ages apply
  • This product is optional and not mandatory, which means that you can choose whether or not to take this cover
  • Waiting period: Any medical condition which you have been diagnosed with or treated for in the last 12 months, up to and including the day on which you take up the policy, will be excluded from cover for 12 months after taking up the policy
  • Maximum sum insured: Our maximum cover for a single life insured is R1 000 000 across all our credit life policies
  • Geographical restriction: You must work, live and have the right to live permanently in the Republic of South Africa (RSA)
  • The instalment cover benefit due to either retrenchment or hospitalisation, is not part of a medical scheme and the cover is not the same as that of a medical scheme. This policy is not a substitute for medical scheme membership
  • The cash back benefit is not guaranteed and is not an optional feature. The cost of this feature is approximately 2% of the premium payable.
  • All benefits are excluded should the policyholder be involved in any sort or form of transporting people for reward
  • Intentionally self-inflicted injury, suicide or suicide attempt within 24 months of the date of commencement or a re-date of this policy; or
  • Any critical illness covered by this policy or disability that existed or was treated within a 12 month period prior to or at the date of application or a re-date of this policy. Such critical illness or disability will be excluded for a period of 12 months after the date of commencement of cover for this policy
  • Disability or illness whilst unemployed – we will not pay if you become disabled whilst you are unemployed, unless you suffer total and irrecoverable loss of all sight in both eyes, or of all use of both hands or of both feet, or if the disability results in the permanent and total inability to work for payment
  • Your participation in any riot, strike, civil commotion or usurpation of power; or
  • The driving of any vehicle by you, whilst you are under the influence of intoxicating liquor or a drug having a narcotic effect, or where the alcohol to blood ratio, calculated from using any bodily specimen taken from any part of your body, and however determined, exceeds the statutory limit in force at such time.

Expertly crafted solutions
for cars and their people.

Credit Life FAQs

What unforeseen life events does Credit Life cover?

A whole range of diseases, disabilities and events such as:
  • Serious illness: cancer, stroke, heart attack, heart bypass surgery
  • Becoming totally and permanently disabled
  • Becoming temporarily totally disabled
  • Prolonged hospitalisation or retrenchment
  • Death

Does it matter if Thato has other comprehensive car or life insurance policies?

The Credit Life Plan works independently from car and other life insurance policies. Credit Life will pay out if life throws Thato a curveball.

If Thato is retrenched or in the hospital for a long time, what will the payout be?

The Credit Life Plan will pay out 6 months’ instalments to the finance company and towards Thato’s policy, once during the lifetime of the policy.

Who will submit the claim in the event of Thato passing away?

Any of the following entities can submit the claim: beneficiary, executor or finance company.

Which plan has the most cover?

The Gold plan will cover the outstanding amount due to the bank as well as the additional amounts.
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