Credit Protection Insurance
Sacos offers different types of credit protection plans, designed to help your surviving business partner to settle your insured debts with the respective financial institutions in the event of your Total and Permanent Disability or death. This ensures that your surviving partner will not be burdened by your debts in case of your untimely disability or demise. Two options are currently available to partnerships.
Our Range of Credit Protection Insurance
The product was tailor-made to meet the ever increasing demands from clients in their endeavour to accommodate the requirements of some banks, unsecured lending rules. In case of Total and Permanent Disability or death Sacos will settle the insured debt.
Binding of this policy is an essential condition precedent to loan disbursement. You may also opt to take out this policy, even when not required by banks, for your own peace of mind. It is an ideal product for key persons in family businesses.
The cost of constructing a building or acquiring other assets such as vehicles or vessels continues to increase. Given that these purchases may involve a large sum of money, the purchaser may have to borrow part of the purchase price from a financial institution.
As a security for the loan, the financial institution requires the borrower to purchase a Mortgage Protection Plan for the amount of loan granted.
This plan aims to remove financial burden on surviving business partners in the event of untimely death or Total and Permanent Disability of the policy holder.