Credit Life Insurance

Underwritten by African Unity Life Limited (AUL)

Credit Life Insurance protects you and your family by settling or maintaining your loan repayments if life takes an unexpected turn. This cover ensures that your financial obligations do not become a burden during moments of crisis. It is active only for the duration of your loan and provides essential protection for every customer who qualifies.

Credit Life Insurance Overview

A protection benefit that covers your loan in the event of death, disability or unemployment, ensuring your family is not left with financial stress.

Eligibility:- All Mali customers with an active credit agreement.
Cover Type: Long-term insurance, linked to the loan duration.
Benefits: Death, permanent disability, temporary disability and unemployment.
Insurer: African Unity Life Limited.
Cover Duration: Only for the term of the loan.
Maximum Age: Up to 99 years for death cover
Maximum Age: Up to 65 years for disability and unemployment benefits.
Payout: Applied directly to the outstanding loan balance or instalments.

Credit Life Insurance Requirements

To activate Credit Life cover, customers must have an active loan with Mali and provide the required personal and verification details.

Valid South African ID.
Active Mali credit agreement.
Completion of required insurer disclosures.
Compliance with insurer eligibility criteria.
Agreement to policy terms and conditions.

How It Works

When your loan is approved, Credit Life Insurance is automatically activated for the duration of your credit agreement. The insurer provides protection against specific life events such as death, permanent disability, temporary disability or unemployment. If a covered event occurs, the insurer settles the full outstanding loan amount or pays the due instalments, depending on the benefit triggered. This process ensures that your family, business or financial dependents are not placed under unnecessary pressure during a difficult time.

Cover automatically ends when the loan is fully repaid or reaches the end of its original term.

FAQs

What exactly does Credit Life cover?

It covers death and permanent disability by settling your outstanding loan amount, and covers temporary disability or unemployment by paying instalments for the affected period.
Does Mali pay the claim?

No. All claims are paid by the insurer, African Unity Life Limited, not by Mali.
How long is my Credit Life cover valid?

Cover is active only for the duration of your loan and ends once the loan is settled.
Is there an age limit?

Yes. Death cover is available up to age 99, while disability and unemployment benefits apply up to age 65.
How do I submit a claim?

Mali assists with the submission of your documents, but all claims are assessed and paid by African Unity Life Limited according to their policy terms.