Reinsurance services
Credit life
Credit life insurance is an add-on product commonly offered to customers taking out a loan. It protects both parties, the borrower and the lender, in the event that the loan cannot be repaid.
When offering loans, how can banks and bancassurers protect themselves against unfortunate and unforeseen circumstances such as the recipient’s death or disability? By offering credit life products alongside loans, these institutions can ensure direct repayment of any outstanding balance, while offering their customers and their families the peace of mind that the debt will be covered after an unexpected trauma.
Our expertise
As a key player with decades of experience and expertise in this market, Hannover Re offers effective support for all aspects of these diverse products. We have partnered with organisations to provide a wide range of protection in many different countries around the world.
This includes traditional solutions covering repayments of bank loan balances in the event of the bank customer’s death, as well as those covering loan repayments affected by disability, critical illness, hospitalisation and even unemployment.
With our backing, banks and bancassurers can:
- Put credit life schemes in place or bring their own credit life business in-house
- Offer a new service to their customers and create additional value
- Support overseas expansion with local policies
- Take advantage of opportunities in the growing credit life market at home or abroad