Group Credit Life Insurance is a form of Group Life Insurance which covers the outstanding debt and relieves much of the strain of managing one’s finances.
You can purchase Credit Life Insurance when you take out a loan that protects both you and the lender which may be a bank or a financial institution or a vehicle dealer, in the event that you are unable to pay the loan due to death or disability. Credit Life Insurance is always sold in connection with a specific loan. The cost of the insurance is generally built into the loan payment. The beneficiary under a Credit Life Insurance is the Creditor and not the Insured’s family.
Credit Life Insurance pays off debts immediately and secures survivors’ ownership of their possessions.
- Personal or Consumer Loans – Offset the outstanding loan amount on death or disability of a member.
- Mortgage & Housing Loans – Offset the outstanding loan amount on death or disability of a member.
- Vehicle Loans – Offset the outstanding loan amount on death or disability of a member.
- Credit Cards – Offset the outstanding amount on death or disability of a member.
Group Health insurance is offered in three categories and with different area of cover
- Silver
Covers Kuwait only
- Gold
Covers Kuwait, GCC, Indian subcontinent, Arab Countries, Middle East and South East Asia
- Platinum
Covers Worldwide excluding USA & Canada but can be extended with a certain bond of conditions.
Comprehensive In-Patient & Day-Care benefits some of which includes Hospital Accommodation, Accidents and Emergencies, Intensive Care & Theatre Costs, Surgical Operations & procedures, Second Medical Opinion, Surgeons, Anesthetists & Physicians fees, Prescribed Medicine & drugs, Casts, Splints, Trusses, Braces and Crutches, Prostheses and Surgical Appliances, (Artificial body parts surgically implanted to form parts of an insured’s body, Diagnostic tests, Oncology Treatment, Radiotherapy & Chemotherapy, Ophthalmology , Acute (reversible) kidney failure, Physiotherapy.
Comprehensive Out-Patient Benefits which includes mainly diagnostic tests, Specialists, Consultants, General Medical Practitioner and Family Physician fees, Out-Patient home visits for emergency conditions, Oncology, Prescribed Medicines & Dressings, Emergency Ambulance (to and/ or from point of treatment), Outpatient Surgical Procedures, Physiotherapy, Aging illness (e.g. Parkinson), Psychiatric Treatment.
