Credit shield insurance?
What is credit shield insurance. I hear nowadays its a becoming a "must have" for people seeking credit?
Credit Shield is an optional credit insurance program designed to protect you from the liability of paying the outstanding amount on your credit card in the event of Involuntary Loss of Employment, Temporary Disability, Permanent Disability, Critical illness and at the unfortunate event of death.
Credit Shield thus provides you peace of mind to tide over emergency situations.
How it works:
Credit Card Outstanding (up to specified limits) are paid by the insurance company in the event of Involuntary Loss of Employment, Temporary Disability, Permanent Disability, Critical illness and at the unfortunate event of death of the Credit Card customer.
The total outstanding credit card balances are paid in the event of:
1. Total and Permanent Disability
2. Critical Illness and;
3. Death AND
The minimum due payments in the event of:
1. Temporary Disability for 6 months and;
2. Involuntary Loss of Employment for 3 months.
What you Pay:
You pay as low as 0.79% of your credit card outstanding and what's more; if you have no outstanding on your card, you pay absolutely nothing and still enjoy the cover.
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