Insurance Premium Financing - FAQs
Insurance Premium Finance Facility
Q1: What is Insurance Premium Finance?
A: This is Credit Facility that allows you to pay for your insurance premiums in installments over a maximum of 10 Months.
Q2: Can you finance all types of policies?
A: We finance all types of Insurance except Term Life Insurance add all policies with up to 12 months validity period e.g. Motor, Medical etc
Q3: Will you pay the money to me so that I can forward it to the Insurance Company?
A: The funds are paid directly to the Insurance Company. Your Insurance broker / agent is informed immediately this is done.
Q4: Do you need security for the facility?
Q5: How will I be paying for the monthly installment?
A: You can pay through cheques (first one will be a current cheque and the rest postdated) or open a CBA account for loan repayment.
Q6: Do I have to be an account holder for you to finance my insurance premium?
A: No. Even if you do not have an account with us we will still finance your insurance premium. However, you will note that CBA has very friendly products which can easily meet your other needs. We will be glad to provide the same to you
Q7: If my cheque or payment does not go through, what happens?
A: We will call you immediately to replace the payment and also inform your insurance broker / agent / company
Q8: What interest rate will you charge me for the facility?
A: The interest rate applicable varies. Its determined by the CBK rate.