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Group Credit Life is a specialized group life insurance plan that protects the creditors against the untimely demise of debtors,reducing the risk of having unpaid loans.
Benefits of Creditor Group Life:
Guarantees loans will be repaid
Convenient and prompt settlement of loan in case of debtor’s untimely death
Avoid repossessing property that has much less value to cover for the loan balance
Ensures that the family will not be burdened by the debtor’s unpaid loan