Many consumers are unaware of the fact that their life cover, short-term insurance and retirement annuities may offer retrenchment cover.
Auto & General issued a press release this week reminding customers that they offer a premium waiver for six months if the policyholder is unable to pay the premium due to retrenchment or dread disease. This means their insurance premiums will be covered for up to six months, without their policy lapsing, while they get back on their feet.
There are many insurers who provide some retrenchment cover but many people don’t even realise they have this benefit. Life insurance policies and retirement annuities often offer waivers in the case of retrenchment.
If you have taken out a personal loan which included credit life (life insurance on the loan) there is a good chance retrenchment cover is included and your loan could be settled if you lose your job.
If you have lost your job recently or know someone who has, check out the insurance cover, you may be in for a pleasant surprise.
Whats gonna happen to my car, ive been retrenched
You need to find out if you had credit insurance. Some credit insurance includes cover if you have been retrenched. Speak to the bank immediately and see if they will give you breathing space whilst you look for new work
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