Credit life insurance is not cheap, especially when taken out on a large loan such as a mortgage.

In Angeline’s case, the premium on her outstanding bond balance of about R340,000 was R518 a month. She took out the home loan jointly with her mother 10 years ago, and in that time, despite a succession of punishing recent interest rate hikes and income challenges, she kept paying that credit life insurance premium, in the belief that should either of them die or become disabled the loan balance would be settled...

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