Enterprise Life Assurance Company Limited – Credit Life

Enterprise Life Assurance Company Limited currently offers about 10 Life Insurance Products in Ghana; which includes the Credit Life.

Enterprise Life’s Credit Life Policy is tailored for Financial Institutions or companies, which offer loan to clients. This is a single premium policy with a maximum term of 5 years.

This provides the payment of death benefits on the death of the life assured or permanently and totally incapacitate. The cover will be applied for by the policyholder who would have been authorised by the life assured in a contract to apply for the insurance and to pay the premiums in respect of such insurance.

Sum Assured
The initial sum assured shall be the initial loan amount and thereafter shall be the balance. The basis of indebtedness shall be the balance outstanding which will allow for the reduction of the initial sum assured by all instalments which were due to be paid up to the date of death or total permanent incapacitation.

The premium is the rate (depending on the number of years for repayment of the loan amount) of the loan amount that is, rate (%) * loan amount.

Scope Of Cover
The Life Assured at the date of death or total permanent incapacitated should be 18 years and above but below 60 years.

Death Benefit/ Total Permanent Incapacitation
Benefit is payable upon proof of death or total Permanent Incapacitation and the amount is payable to the creditor.

Premium Duration
Premium is payable at the beginning of the contract.


  • The above quoted rates are inclusive of HIV claims.
  • A three-month waiting period for death due to natural causes will apply.


  • A single premium is paid towards the life and disability cover.
  • The terms of the policy can be up to 5 years.
  • The policy will be on a decreasing term basis i.e. the policy pays out the outstanding loan balance but excludes arrears.
  • Maximum loan will be agreed with Financial Institution.


  • Pre-existing health conditions will be excluded during the first 12 months of cover under disability cover
  • Suicide is excluded during the first 24 months of cover
  • Active at war exclusion applies

Standard exclusions apply.
These include:

  • Death as a result of his own act or at the hands of a valid and legally constitutional law enforcement agency with 12 months of the certificate issued to the life assured.
  • Military exclusion
  • Pilots exclusion
  • HIV-AIDS exclusion


  • The member should not be less than 18 years or greater than 65 years at inception of cover.
  • The member should be actively at work, i.e. should have been at work on a continuous basis, at least two months prior to commencement of the loan

On the seventh day following the end of each calendar month the financial institution will furnish Enterprise Life with an electronic copy of covered members together with a payment cheque.



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