ShapeShifter, Evergreen Content

Got loans? Save money! You’re paying for insurance (even if you don't know it)

Credit life insurance (pexels.com, 2018)

The top six banks would like you not to exist… They must hate you!

Ray White

There’s this market that’s being created particularly by the lenders because they’re protecting themselves… the market is… bigger than funeral insurance!

Nkazi Sokhulu, Yalu

We would welcome them adjusting their rates… We’re here to change the way this industry is structured… if they dropped their prices, we’d be glad…

Nkazi Sokhulu, Yalu

You may or may not know it – many don’t - but you’re almost certainly paying credit life insurance on all your loans.

Even those who realise they’re paying for credit life insurance don’t know they can choose their credit life insurance provider – you don’t have to accept the default option!

Credit life insurance covers you if you’re unable to repay a loan due to death, disability or retrenchment.

The Money Show’s Bruce Whitfield interviewed Nkazi Sokhulu (co-founder and CEO at Yalu) for his weekly “ShapeShifters” feature.

Yalu believes its offering is better than everything else in the market, for these reasons:

  • The premium reduces every month as the loan amount reduces. You only pay for the cover you need to secure the outstanding balance.

  • The plan refunds 10% of premiums at the end of the loan term if you have not claimed on the policy.

  • Simplicity – it’s the first and only policy in the market you can buy effortlessly online in under five minutes.

  • Yalu removes the pain of switching from a credit life insurance provider by sending the cancellation letter required by your existing credit life policy on your behalf.

  • Yalu guarantees coverage for all benefits not required by the credit life insurance regulations that your current credit life insurer covers.

  • Affordable and transparent, with clearly defined benefits, premiums and speedy claims processes.

  • One policy covers all loan commitments - saving you on unnecessary admin fees and debit order costs for multiple policies.

Yalu currently only covers personal loans but plans to soon extend its offering to student loans and credit cards.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

We’ve seen banks counter our customers…

Nkazi Sokhulu, Yalu

I was always a bit of a firebrand… the idea came in little pieces… It just gelled beautifully…

Nkazi Sokhulu, Yalu

Our underwriter is Old Mutual… they’ve been really amazing for us… It’s blindingly simple, so they just supported us all the way…

Nkazi Sokhulu, Yalu

The biggest issue we came across was the credibility deficit… The more we showed our depth of knowledge… people started warming up to us…

Nkazi Sokhulu, Yalu

We’re here to guarantee people that in their time of need Yalu will be able to pay…

Nkazi Sokhulu, Yalu

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
'Capping fuel price will harm transformation, jobs and won’t benefit consumers'

'Capping fuel price will harm transformation, jobs and won’t benefit consumers'

The Money Show’s Bruce Whitfield interviews PetroConnect cofounder Sbonelo Mbatha.

3 risks to your retirement savings (and how to mitigate each of them)

3 risks to your retirement savings (and how to mitigate each of them)

Only 5% of South African retirement fund members will retire comfortably. Bruce Whitfield interviews advisor Warren Ingram.

'Constitutional change is not about land reform. It’s about the election'

'Constitutional change is not about land reform. It’s about the election'

Bruce Whitfield interviews political economist Nic Borain and Cas Coovadia, MD at the Banking Association of South Africa.

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

"I have no desire for clothes. I have no desire for holidays. I have no desire for outings. All I see is the suffering of people…"

‘Budgeting’ for people who don’t budget (and probably never will)

‘Budgeting’ for people who don’t budget (and probably never will)

A simple savings plan for people who don’t like to budget. Bruce Whitfield interviews personal finance guru Warren Ingram.

You’re either a ‘money slave’ or a ‘money master’ (says author of 'My Money')

You’re either a ‘money slave’ or a ‘money master’ (says author of 'My Money')

The Money Show’s Bruce Whitfield interviews Sugar Creek financial expert and author of “My Money” Gerald Mwandiambira.

Popular articles
[LISTEN] Beware of the 'money bomb' scam this festive season!

[LISTEN] Beware of the 'money bomb' scam this festive season!

CEO of SA Banking Risk Information Center, Kalyani Pillay chats about the new festive season scam that's robbing people blind.

I broke my cell & deactivated my account after I saw Gigaba's vid - Coconut Kelz

I broke my cell & deactivated my account after I saw Gigaba's vid - Coconut Kelz

In the Current Affairs segment, satirical comedian Coconut Kelz chats about the real reason behind Malusi Gigaba's resignation.

[LISTEN] To give your kid a phone or not? That is the question

[LISTEN] To give your kid a phone or not? That is the question

In the parenting feature, creative parenting expert, Nikki Bush chats about the right age to give your child a cellphone.

[LISTEN] Cervical cancer is the only cancer that is caused by sex - Dr Eve

[LISTEN] Cervical cancer is the only cancer that is caused by sex - Dr Eve

Dr Eve discusses cervical cancer and how it can be prevented.

[LISTEN] Is Gqom really music? Callers share their views

[LISTEN] Is Gqom really music? Callers share their views

Callers on the open line discuss class appropriation by musicians and music genres.

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

Gift of the Givers' Dr Imtiaz Sooliman – angel amongst men – talks about money

"I have no desire for clothes. I have no desire for holidays. I have no desire for outings. All I see is the suffering of people…"

Telkom 947 cycle challenge road closures update

Telkom 947 cycle challenge road closures update

Joburg motorists are urged to take note of road closures during the 2018 Telkom 947 Cycle Challenge.

'They must release you, we want you outside' Minister Mokonyane tells Omotoso

'They must release you, we want you outside' Minister Mokonyane tells Omotoso

Nomvula Mokonyane tells rape accused Timothy Omotoso that they must release him as he is wanted outside.

Nondisclosed medical conditions may not matter in death claims - Ombudsman

Nondisclosed medical conditions may not matter in death claims - Ombudsman

32-year-old Brent Kruger was gunned down in gang crossfire but his life policy was denied by Old Mutual.