Every consumer who has credit is paying a portion of their monthly instalment toward a credit life insurance policy.
By presenting your clients with a better option, you can possibly save them thousands of Rands per month, while at the same time growing your recurring insurance book.
Typical behaviour of a consumer who starts to feel financial pressure because of debt would be to start cancelling insurance policies. This would include short term and long term insurance products.
Many brokers have taken lapses because of this, and suffered huge financial losses because of the commission paybacks.
A Finsafe Credit Life Insurance Policy could address this risk, and ensure that your clients have a better chance at maintaining financial stability. With 24 million credit active consumers in South Africa, expanding your product offering as a broker just makes sense.