You may be pay­ing back more on your loan than you need to

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IT’S es­sen­tially a good thing to have – it’s there to protect you if some­thing hap­pens and you can no longer pay your loan in­stal­ments.

But in the past credit life in­sur­ance has had a bad rap be­cause of in­flated pre­mi­ums or be­cause con­sumers weren’t aware they were pay­ing for it. Things have changed over the past two years and now there are lim­its on pre­mi­ums. But some peo­ple still don’t re­alise they could be pay­ing smaller pre­mi­ums – or that they’re pay­ing for it at all.

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