Credit Life Cover
When you take out a Bayport loan, you take out Credit Life cover at the same time. If you are retrenched, disabled, pass away or get a dreaded disease like cancer, the money you still owe on your loan will be paid back to Bayport by the insurance company.
You get this cover when you enter into a valid agreement with Bayport, as long as you are turning older than 19 on your next birthday and have not yet turned 60. You are covered from the moment you sign the policy — even if you have not paid a premium yet.
Once your policy has started running, you must keep up your payments, otherwise you cannot receive your Credit Life cover benefits.
Terms and conditions apply.