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Credit life insurance lifeline for riot-hit bank customers

Home Business Management Finance & Investment Credit life insurance lifeline for riot-hit bank customers

AS consumers in parts of KwaZulu-Natal and Gauteng evaluate the impact of the unrest on their employment and household income, FNB is encouraging customers who have credit life insurance to consider claiming from their policies to minimise financial hardship.

Raj Makanjee, CEO of FNB Retail said, “Credit life is a vital relief measure for customers whose income is disrupted by circumstances which are beyond their control. This has been apparent for our Retail customers in FNB, where many have relied on credit life to cushion against the financial impact of Covid-19. In the prevailing circumstances, we advise customers to consider credit life as their first option for financial relief.”

Lee Bromfield, CEO of FNB Life said FNB, WesBank and Direct Axis customers who have credit life policies are covered for retrenchment and inability to earn an income.

“This includes customers who are self-employed or those who previously only had retrenchment cover. Last year, we extended our credit life insurance benefits to cover, among other things, people who took out only retrenchment cover.”

Bromfield added that customers whose policies were taken before the implementation of the NCA Credit Life Regulation, and were restricted to retrenchment cover, can now claim even if they have not been retrenched but are unable to earn an income.

“The reality is that many households are still grappling with the impact of Covid-19 on their finances, and the unrests effectively compounds financial pressure as some may not be able to immediately return to work until their employers have recovered. We want customers who have policies with us to understand that credit insurance is a potential avenue,” he said.

Customers can use automated/digital channels to submit and track claims via the FNB App and FNB.mobi. They can also dial #120*321# to view their policy schedules or to update their beneficiaries and cover amounts.

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