Credit protection insurance is a type of insurance that is chosen to secure the individual loan you receive from any bank against unexpected situations.
Credit protection insurance can also be called credit life insurance. With this insurance, which includes ”death guarantee in the most basic form, your bank debt is secured against loss of life and your family’s debt burden is prevented. When borrowing from banks, you can guarantee both your loved ones and your loan debt by choosing a Death guaranteed loan life insurance product.
We recommend that you review the “Credit Life Insurance” product, which is explained in detail in our pages, for the single-assured (death guarantee) model at the most basic level of credit protection insurance. However, if you would like to evaluate the additional cases mentioned below as other scopes, here are the details.
Who Can Get Credit Protection Insurance?
Everyone between the ages of 18 and 65 can take out credit protection insurance from any bank. We should also remind you that credit protection insurance is organized for people working with SSI.
Civil servants, pensioners, farmers and housewives cannot benefit from credit protection insurance.
- Involuntary unemployment
- Accidental or accidental death
- In case of injury after an accident, the payment of guarantees is made during hospitalization.
In the event that the insured becomes unemployed, the first condition for the payment of compensation is to be entitled to monthly allowance with unemployment insurance. He must have worked for 180 days in the same workplace with the same employer on the date of unemployment.
In the case of death as a result of an accident, the insured is paid immediately as a result of an accident. In case of loss of life within 1 year from the date of the accident, payment shall be made together with the guarantee specified in the policy.
In case the insured becomes incapacitated as a result of accident or illness, the rest report to be given by the health institution and the guarantee payment specified in the policy shall be made.
If the insured is hospitalized as a result of an accident or illness, the insured is paid with the guarantee specified in the policy for the first 5 days.
Health Declaration and Non-Payment Conditions
- Disorders of the insured before the insurance start date are not covered by this guarantee and the bank cannot make payment in cases where congenital disability or diseases occur due to these conditions.
In the credit process, cancer paralysis, heart attack, kidney failure, if you are caught in dangerous diseases such as your insurance will cover your entire loan debt for you.
- The insured under the influence of substances such as alcohol drugs, hospitalization due to these diseases can not be paid for the guarantee.
- Insurance cannot be made in cases related to the mental and mental state of the person.
- Insurance cannot be made in the hospitalizations by committing suicide or attempted suicide in the events of the person.
Insurance Premium Amount
Insurance premiums; collateral amount varies according to age, loan debt balance, remaining credit term and monthly loan interest rate. Insurance premiums can be collected in cash or in installments from the account or credit card. You can also pay by adding insurance premiums to the loan request. With life insurance, you will also be protected against risks that may result in loss of income.
Credit Protection Insurance
When you take out credit protection insurance, it is important that you answer the questions on the proposal form correctly and inform the insurance company. Otherwise, insurance companies may give up the contract. Or you can request an additional premium from you. You have to read the annexes given to you to find out what special conditions are. In the appendix, each case is described in detail. By reading them, you can find answers to the situations that distract you.