Capitec upping its credit life insurance premiums
Not long ago on The Money Show, we spoke about how insurance companies are looking at, perhaps, not necessarily paying when it comes to business interruption claims. That seems to be changing somewhat. Now we are at a stage where credit life insurance premiums are being questioned.
Capitec has increased its credit life insurance premiums. Consumers can't be happy.
Arabile Gumede on The Money Show speaks to consumer journalist Wendy Knowlerfor more on this.
Capitec says the risk of retrenchment in the COVID-19 era we are in has increased dramatically and with increased risk comes increased premiums. One of their clients contacted me because he felt it wasn't handled fairly.Wendy Knowler, Consumer journalist
Capitec says the premiums are calculated according to an individual's situation. It differs according to risk factors. Clients have an option to extend the loan repayment or to opt to keep the premium the same. They say the default couldn't be a premium increase.Wendy Knowler, Consumer journalist
The default, if they didn't hear from their clients, would be the loan extension.Wendy Knowler, Consumer journalist
Now is the time for people to have a look at their credit life policies and see exactly what it is they are covered for. You don't have to take credit life insurance with the company that you have your loan with. You can switch to another provider.Wendy Knowler, Consumer journalist
Listen below for the full interview...
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