credit insurance

Get our affordable credit insurance for cover on credit terms of 7 months and longer.

credit insurance


What our credit insurance covers

Credit insurance is required for credit terms of 7 months and longer to cover death, permanent or temporary disability, unemployment, the inability to earn an income or retrenchment. While we offer this insurance (underwritten by Guardrisk), you can provide us with an alternate policy of your choice provided it meets our minimum requirements.

Your cover will be based on your employment status

  • Insurance contract is available immediately
  • No paperwork is required when applying
  • The claims process is simple
  • Available up to the age of 65
  • Your credit insurance premium will decrease as the value of your loan decreases

The payout benefits below apply to policies entered into from 9 August 2017.


  • Death – full outstanding amount
  • Permanent disability – full outstanding amount
  • Temporary disability – a maximum of 12 instalments
  • Unemployment, the inability to earn an income or retrenchment – full outstanding balance(3-month waiting period for retrenchment and termination of employment)

If you entered into a policy before 9 August 2017, visit for your policy details.

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.


  • 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, wilful dereliction of duty, or misconduct
    • Voluntary forfeiture of salary, wages, or other employment income
    • Voluntary retrenchment or termination of employment
    • Resignation
    • Retirement
    • Participation in an unprotected strike
    • Retrenchment of which you were aware of or received notice of within a period of 3 months from the entry date of your policy
  • 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

Existing policy

You have the right to not take the Capitec credit insurance policy underwritten by Guardrisk, but then you have to provide Capitec with an 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 as referred to in Regulation 3 of the Credit Life Insurance Regulations of 2017
  • The alternate policy must be in force

Credit insurance policy

If you already have credit with Capitec Bank and would like to review your credit insurance policy, you may download it under credit insurance documents here.

If you need help downloading or accessing 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 Guardrisk Life, an authorised financial service provider (FSP 76).

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