“In our busy world, Yalu has created the only self-service credit life insurance policy in the market. Underwritten by a business division of Old Mutual, namely Alternative Risk Transfer (or OMART), Yalu makes it as effortless as possible to complete the credit life insurance policy online in under five minutes (with ambassadors on standby to provide immediate assistance). Replacing a customer’s current policy with a more affordable, simpler and rewarding policy, the umbrella policy from Yalu covers credit cards, as well as personal, revolving and student loans. This saves on unnecessary admin fees and debit order costs for multiple policies to better facilitate multiple providers at claims stage.
‘Credit life insurance provides the security that, should a policyholder be unable to repay their debt due to death, disability or retrenchment, the policy pays out either as a lumpsum (death and permanent disability) or up to 12-monthly installments (temporary disability and retrenchment). It’s an invaluable cover that protects both insured, and their loved ones, from the enormous strain of having to settle a debt when life circumstances may place them in a position where they simply are unable to. Credit life insurance is much like having an umbrella on a sunny day. You probably won’t need it, but in a sudden turn of events in a heavy thunderstorm, you’ll be very grateful you have it,’ explains Nkazi Sokhulu, Co-founder and
CEO of Yalu.”
Read more in the March/April issue of Fast Company South Africa.