Get affordable credit insurance for cover

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Get affordable credit insurance for cover on a credit card, access facility or personal term loan

Credit insurance is a form of insurance that protects lenders and borrowers against the risk of non-payment of a loan or credit facility. It provides financial security by reimbursing the lender or borrower in the event of default or insolvency. This type of insurance can be particularly beneficial for businesses that rely on credit to finance their operations, as it helps mitigate the potential losses associated with unpaid debts. Additionally, credit insurance can also provide peace of mind to lenders, allowing them to extend credit to customers with confidence.

Capitec credit insurance

What our credit insurance covers 

Credit insurance covers you in the event of permanent or temporary disability, retrenchment, unemployment, the inability to earn an income (other than due to disability), or death. Credit insurance may be compulsory depending on your individual risk profile and your credit product. While we offer this insurance (underwritten by Capitec Life), you can provide us with an alternate policy of your choice, provided it meets the minimum requirements.

What makes our cover unique?

Your credit insurance premium is charged monthly at a rand amount per every R1 000 of your outstanding balance. This means that the longer you pay (and the less you owe), the lower your monthly credit insurance premium becomes. 

Other features include:

  • Your insurance contract is available immediately for death and disability claims
  • No paperwork is required when applying 
  • The claims process is simple 
  • It’s available up to the age of 65


The payout benefits below apply to policies entered into from 10 May 2020. If you entered into a policy before 10 May 2020, click here for your policy details in the credit insurance section. 

Benefit typePayout
DeathFull outstanding amount
Permanent disabilityFull outstanding amount
Temporary disabilityA maximum of 12 instalments
Unemployment, the inability to earn an income other than as a result of disability, or retrenchmentA maximum of 24 repayments (3-month waiting period for retrenchment or termination of employment) 

Make sure you understand the insurance terms and conditions (including restrictions, limitations, waiting periods and exclusions) when you apply. This will give you peace of mind knowing exactly what you’re covered for. 

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  • If you become unemployed or unable to earn an income for reasons other than temporary or permanent disability, no benefit will be payable as a result of:
    • Lawful dismissal, including dismissal as a result of wilful misconduct that is a violation of some established, definite rule of conduct, a forbidden act or wilful dereliction of duty, or
    • Voluntary forfeiture of salary, wages, or other employment income; or 
    • Voluntary retrenchment or termination of employment; or 
    • Resignation; or 
    • Retirement; or 
    • Participation in an unprotected strike; or 
    • Retrenchment of which you were aware of or received notice of within the waiting period
  • If you die or become disabled, no benefit will be payable if such death or disability is a result of:
    • Active participation in war, invasion, acts of foreign enemies, hostilities, warlike operations (whether war be declared or not), civil war, insurrection, rebellion, revolution, civil commotion or uprisings, military power 
    • The use of nuclear, biological or chemical weapons, or any radioactive contamination
    • Participation in criminal activities
    • Participation in hazardous activities

Existing policy 

You have the right to not take a Capitec credit insurance policy underwritten by Capitec Life, but then you have to provide Capitec with a suitable alternate policy of your choice. 

The minimum requirements for an alternate credit insurance policy are:

  • The alternate policy must be ceded to Capitec and the interest of Capitec must be noted by the insurer of the alternate policy
  • The alternate policy must have at least the same benefits as referred to in Regulation 3 (2) of the Final Credit Life Insurance Regulations of 2017
  • The alternate policy must be in force

Want to see your credit insurance policy? 

If you would like to see your credit insurance policy, please call our 24hr Client Care Centre on 0860 10 20 43 or visit a branch.  

Our credit insurance is underwritten by Capitec Life Limited (Capitec Life), a licensed life insurer. Reg. No.: 2021/924456/06. 

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Capitec Bank

Capitec Bank is an authorised financial services provider (FSP 46669) and registered credit provider (NCRCP13). Capitec Bank Limited Reg. No: 1980/003695/0

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