(Cover applied under a group master policy).
Group credit insurance offers coverage to the lender to its borrowers, usually a bank or finance
company, where the payout is the outstanding principal amount in the event of the death/disability
of the debtor. Additional benefits can be offered also.
Credit Life Products:
Personal Finance/ Personal Loans
Credit Shield for Credit Card Holders
Mortgage Shield/Home Finance
Annually renewable contract
Coverage is on Outstanding loan balance at the time of assured’s death and/or disability
Life and disability protection
Borrower should be residents in UAE
Policy terms and conditions will apply.
Credit life insurance is a type of insurance policy that pays off a borrower's outstanding debts in the event of their unexpected death. This type of insurance is typically purchased by individuals who have taken out loans or credit cards and want to ensure that their debts will be paid off if they were to pass away unexpectedly.
Companies may choose to provide credit life insurance to their employees as a benefit for several reasons:
- Financial security: Providing credit life insurance to employees can offer financial security to their loved ones in the event of their unexpected death. If an employee were to pass away, the credit life insurance policy would pay off their outstanding debts, which can help alleviate the financial burden on their family.
- Attract and retain talent: Offering credit life insurance as a benefit can help companies attract and retain top talent. Employees are more likely to stay with a company that provides a comprehensive benefits package that includes credit life insurance coverage.
- Cost-effective: Credit life insurance policies are typically less expensive than traditional life insurance policies. This is because the coverage is limited to the outstanding debts of the borrower, rather than providing a death benefit that can be used for any purpose. This can make it a cost-effective benefit option for employers.
- Competitive advantage: Offering credit life insurance as a benefit can give a company a competitive advantage when it comes to attracting and retaining employees. This is especially true in industries where employee benefits are an important consideration for job seekers.
Overall, credit life insurance can provide important financial security to employees and their loved ones in the event of an unexpected death. It can also help companies attract and retain top talent, provide a cost-effective benefit option, and give them a competitive advantage in the job market. As such, companies should consider offering credit life insurance as a benefit to their employees.
Al Buhaira National Insurance Company is a well-established insurance provider in the UAE that offers a range of insurance products, including credit life insurance. Here are some reasons why you might consider Al Buhaira Insurance for your credit life insurance needs:
- Customized insurance solutions: Al Buhaira Insurance can provide customized credit life insurance solutions to meet the specific needs of your company and employees. They can help you determine the right level of coverage and ensure that your employees' outstanding debts will be paid off in the event of their unexpected death.
- Competitive premiums: Al Buhaira Insurance offers competitive premiums for their credit life insurance policies. This means that you can provide this important benefit to your employees without incurring significant costs.
- Financially stable: Al Buhaira Insurance is a financially stable insurance provider with a strong track record of providing reliable and consistent insurance coverage. This is important when it comes to credit life insurance, as you want to make sure that your employees' outstanding debts will be paid off if something were to happen.
- Quick claims settlement: Al Buhaira Insurance has a reputation for quick and efficient claims settlement. This means that if one of your employees were to pass away, their outstanding debts would be paid off quickly, which can help ease the financial burden on their loved ones during a difficult time.
- Experienced team: Al Buhaira Insurance has an experienced team of insurance professionals who can provide guidance and support throughout the insurance process. They can help you understand the different options available to you and ensure that you have the coverage you need.
Overall, Al Buhaira Insurance is a reliable and trustworthy insurance provider that can provide customized credit life insurance solutions to meet the specific needs of your company and employees. With competitive premiums, quick claims settlement, and an experienced team, Al Buhaira Insurance can help you provide this important benefit to your employees with confidence.