As part of the life insurances, 880 million damage payments have been made to 86 thousand people who used credit from the banks and various credit institutions in 2012. According to the statement made by Insurance Association of Turkey, the amount of the damages that has been paid reached to 690 million TL by the end of September 2013. Policyholders live at their own houses in case of decease
The individual credit life insurances deliver the policyholders and the families of paying credits in case of decease or a disability. Life insurances provide short-term coverage for personal loan credits and long-term coverage for home or mortgage credits. In case of a decease or disability, if the policyholder got a credit life insurance, credit debts are been paid by the insurance company at the home or mortgage credits and the rest aren’t affected negatively from the credit debt and continue to live at their properties as new owners. If the policyholder doesn’t have a life insurance, in that case, the property is sold and after the credit balance deducted, the rest is shared between the rest of the family.
