Credit Life Insurance is a protection plan that covers your Fido credit in case of unexpected events.
If you take a credit line of more than GHS 2,000 and are below the age of 75, you’ll automatically be eligible for this insurance.
The insurance provides coverage in two ways:
- Life Cover: If you or your family member sadly passes away, Fido will step in to clear any remaining credit balance on your behalf. This ensures your loved ones won’t have to worry about repaying your credit.
- Short-Term Disability Cover: If the borrower becomes temporarily unable to work due to illness, injury, accident, or hospitalization, the insurance will pay off the outstanding credit balance at that time.
This coverage lasts for the entire period of your loan repayment. Once the loan is fully paid, the insurance ends.