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SACCO members with mosaic effect, illustrating APA Loan Guard Group Credit Life Insurance

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Life Cover ThatSupports LoansYou Disburse

Outstanding Loan Cover

Death benefit equals loan balance

48-Hour Last Expense

Fast funeral benefit settlement

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What is Loan Guard?

Loan Guard is Group Credit Life Assurance — a yearly renewable or single premium contract taken by a financial institution, providing death benefits to the financier for customers who die while servicing loans. The aim is to alleviate financial distress for SACCOs, MFIs and other financiers on the demise of loan customers, while protecting families from inheriting debt. Cover is worldwide and 24-hour, with last-expense claims settled within 48 hours.

Highlights

  • Group Credit Life for SACCOs, MFIs and financial institutions — yearly renewable or single premium.
  • Death benefit payable to the financier for outstanding loan amount on customer death.
  • Worldwide, 24-hour cover for death from illness, natural or accidental causes.
  • Optional riders: Critical Illness, Permanent Total Disability and Last Expense (extendable to dependants).
SACCO members discussing loan protection with an advisor, covered by APA Loan Guard
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What is Covered and Not Covered Under Loan Guard?

Loan Guard Group Credit Life pays a benefit to your institution when a loan customer passes away. Toggle between the categories below to explore your cover.

1

Death Benefit to Financier

Death benefit (natural or accidental) payable to the institution for outstanding loan amount on customer death.

2

Worldwide 24-Hour Cover

Cover is worldwide and 24-hour for death from illness, natural or accidental causes.

3

Yearly or Single Premium

Yearly renewable contract or single premium group credit life cover for financial institutions.

4

Critical Illness Rider

Percentage of sum assured on first diagnosis of a defined critical illness condition.

5

Permanent Total Disability

Lump sum benefit on permanent total disability — optional rider on additional premium.

6

Last Expense / Funeral

Last expense benefit payable within 48 hours — extendable to dependants.

Talk to Corporate Business Development

Apply through an APA Life agent, broker or the corporate desk. Email corporatebd@apalife.co.ke or call 020 364 1000.

Eligibility & Requirements for Loan Guard

Eligibility Criteria
Specifications
Who Qualifies
Financial institutions; members aged 18–65 servicing loans granted by the financier.
Documents
Completed group proposal form (signed and stamped), KRA PIN and customers census with outstanding loan amounts.
Cover Basis
Death benefit set as the outstanding loan amount — cover ceases on loan clearance.
Rating Basis
Group size, age profile, outstanding loan amounts, occupation and benefit design.

How to Buy APA Loan Guard?

1

Complete the Group Credit Life proposal form with your institution and member census details.

2

Provide KRA PIN and outstanding loan amounts for all covered members.

3

Apply through an APA Life agent/broker or corporate desk (corporatebd@apalife.co.ke or 020 364 1000).

4

Receive your group policy protecting your institution and loan customers.

Everything You Need, All in One Place

Access policy documents, claim forms, renewals, and important resources anytime.

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Claim Form

PDF • 1.1 MB

Terms & Conditions

PDF • 1.8 MB

Bima Bamba Insurance Brochure

PDF • 2.4 MB

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Frequently Asked Questions

A yearly renewable or single premium cover taken by a financial institution that pays a death benefit to the financier for customers who die while servicing loans granted to them.

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