Covers borrowers for the loan amounts granted to them,, and will mean that, in the event of death, disability, critical illness and retrenchment of the customer an agreed upon sum assured (loan amount) can be recovered from MLife by the Financial Institution.

Credit life policy therefore provides both the lender and the borrower a peace of mind as both parties are left in a win-win position knowing that the insurer will set off all outstanding amounts in the event of death of the borrower

Qualifying age limits: 18 to 65 years of age for both males and females

No medical examinations will be required for loans up to a maximum of K 2 million per life.

Willingness to be insured under the scheme should be part of the conditions of qualifying for a loan under this scheme so that there is no anti-selection against the insurer in view of the

Waiver of medical evidence of insurability.

The product is tailor made to suit each client’s requirements. Therefore, a client can suggest amendments to the product parameters to best suit their need.



Death benefit is the outstanding balance of the loan as at the date of death. This means any repayment installments or debits already processed against the borrower’s account after the date of death would be reversed by Lender and is credited back into the account of the deceased borrower.

Total permanent disability benefit is the total outstanding loan amount as at the date when permanent disablement was confirmed. A detailed medical report has to be submitted to MLife.

Partial disability (sickness) benefit: MLife will only pay up to a maximum of three monthly repayments on behalf of the borrower provided evidence is submitted to show proof of sickness being a detailed Medical Report. There is a waiting period of six months from the date that one obtains the loan.

Critical illness (Dread Disease): MLife will pay the outstanding balance of the loan amount (sum assured) as at the date of confirmation of the dread disease. A detailed medical report has to be submitted to MLife.

Retrenchment cover: MLife will pay up to a maximum of six monthly repayments subject to a waiting period of six months from commencement of cover in the event of the Life assured suffering loss of employment prior to the attainment of age 55 and/or completion of payment term of the loan. Loss Ratio on a scheme should not exceed 45%.



Premiums are charged as either monthly, annually or single premium payable in advance

Single Premium= (Principal + Interest + insurance Premium+ Any arrangement fees) x Premium rate.

There is no refund of any part of the single premium in the event of death. In the event of early settlement of the loan unearned premium may be refunded subject to premium refund formula.

Premium rates may be reviewed at renewal



Scheme may include Profit Share option



Rider benefits may include funeral expenses which may be free or at a cost.



Proof of death (Death Certificate OR Medical Certificate of Cause of Death OR Police Report (e.g. B.I.D Certificate, RTA Report), OR signed and stamped letter from Chief/Headman.

Detailed Medical report from a competent Doctor for disability claims

We settle fully documented claims within 72 hours



Full list of exclusions as per policy document on retrenchment e.g. 1. Retrenchment commencing within the first six months after the commencement of cover. 2. If self-employed, sole proprietor, partner in a firm, 3. Unemployment occurring due to resignation or acceptance of voluntary retrenchment, etc.