The premium
Usually quoted per R1 000 of the loan, per month. Work out what it adds over the whole term, not only per month.
Credit life insurance
RandLeaf does not charge for credit life insurance on any of its loans, and it is not a condition of getting one. Your total to repay is made up of principal, interest, the initiation fee and the service fee. Nothing else.
What this means for your loan
- No credit life premium is added to any short-term, instalment or personal loan
- You don’t need to show us an insurance policy to apply
- The calculator, the costs page and every example on this site include no insurance
If this ever changes, this page, the calculator and the costs and fees page will be updated together before any loan includes cover, with the price, the insurer and the cover set out in full.
This applies to RandLeaf’s own loans. A partner’s offer reached through our partner link can be different, so check its quote for any insurance premium before you sign.
What credit life insurance is
Credit life insurance pays off or reduces what you owe on a loan if certain things happen, for example death, permanent disability or, in some policies, retrenchment. Some lenders include it with longer loans and add the premium to your monthly repayment.
Under the credit life insurance regulations, a lender that requires cover must generally let you use your own existing policy instead, as long as it gives suitable cover. You don’t have to take the lender’s own product.
If another lender includes it, check these
What is covered
Death, disability, retrenchment or illness. Each is different, and some only cover one or two.
Exclusions
Pre-existing conditions, self-employment or certain kinds of job loss are often excluded.
Waiting periods
Some cover only starts after a few months, or pays only after you have been out of work for a while.
Related pages
Costs and fees
Interest, initiation fee and service fee, each explained.
Compare two loan offers
A worksheet and a method for finding the cheaper of two written quotes.
Loan calculator
See the total, every repayment and each fee.