Credit life insurance in South Africa: the customer’s perspective

Credit life insurance is one of the most widely available insurance products to low-income consumers world-wide and is often a low-income consumer’s first encounter with insurance. Therefore the question of whether consumers are getting a fair deal when they purchase it is central to the inclusive insurance debate. This paper analyses the question through the lens of the low-income consumer in South Africa. The research in this paper follows an independent panel of enquiry, known as the Nienaber panel, to “identify and eradicate undesirable practices prevalent in the consumer credit insurance market impacting negatively on consumers”.