Credit Life.

Credit protection is a form of reducing term insurance that covers the life of a person who takes out a short-term loan from any financial institution. The cover is used to redeem outstanding loan balances on the death of a Loanee. The amount of the benefit decreases, as the amount owed on the loan declines. The cover protects against the risk of death from natural & accidental causes. On death of the loanee, the amount payable is paid directly to the lender.