Don't Leave Debt Behind
In the event of your passing, Credit Life Insurance pays off the outstanding balance of your funding — relieving your family of the financial burden.
What is Credit Life Insurance?
A simple, affordable way to ensure your loved ones aren't left with your debt.
Credit Life Insurance is designed specifically to cover your outstanding funding balance. If you pass away, the insurance pays directly to BRICS Mutual Benefit, settling your debt in full.
Your family inherits your assets, not your liabilities. It's a responsible way to protect the people you love from financial hardship during an already difficult time.
- ✓ Pays off remaining funding balance
- ✓ No burden on your family or estate
- ✓ Affordable premium added to monthly payment
- ✓ Coverage decreases as you pay down debt
Why You Need Credit Life Insurance
Protect Your Home & Assets
Without coverage, your family might need to sell assets to pay off your debt. Credit Life prevents this.
No Grief + Financial Stress
Your family can focus on healing, not on worrying about monthly payments or collection calls.
Decreasing Coverage = Lower Cost
As you repay your funding, the outstanding balance decreases — and so does your premium.
Simple Enrollment
No medical exam required for most applicants. Add coverage in minutes during funding application.
How Credit Life Insurance Works
Select Coverage
Check the box for Credit Life Insurance when you apply for funding.
Pay Small Premium
A small monthly premium (typically 0.5-1% of your payment) is added.
Name Beneficiaries
Designate who should be protected — spouse, children, or estate.
Peace of Mind
Your family is protected. If the unexpected happens, your debt is paid.
Coverage at a Glance
| Feature | Credit Life Insurance |
|---|---|
| Pays off remaining funding balance | ✓ Yes, up to full outstanding amount |
| Medical exam required | Typically no (simplified underwriting) |
| Premium structure | Decreasing term — premium decreases with balance |
| Beneficiary | Spouse, children, or named estate |
| Coverage amount | Matches your current funding balance |
| Age limit | Up to age 70 (varies by partner) |
Frequently Asked Questions
Is Credit Life Insurance mandatory?
No, it's optional. However, for some secured funding products, lenders may require it to protect their collateral. We strongly recommend it for anyone with dependents.
How much does it cost?
Typically 0.5% to 1% of your monthly payment amount. For a $500 monthly payment, that's only $2.50 - $5 per month.
What if I already have life insurance?
Credit Life is specifically designed to pay off this particular debt. It's often cheaper than increasing your existing policy and ensures the funding is settled directly.
What happens to the insurance if I pay off my funding early?
Coverage ends when your funding balance reaches zero. You can cancel earlier with 30 days notice.
How do beneficiaries file a claim?
They contact us at +27875102948 or email claims@bricsmutualbenefit.co.za. We guide them through the simple process (death certificate + claim form).
With vs. Without Credit Life Insurance
Trusted Insurance Partners
We work exclusively with established, NCR-registered insurance providers who specialize in credit life products.
All policies are underwritten by licensed insurers with A- ratings or better.
Protect Your Loved Ones Today
A small monthly premium gives your family priceless peace of mind. Don't leave debt behind.
✔ Add during application • ✔ Cancel anytime • ✔ No medical exam for most