Enabling households safeguard their finances and cope with immediate financial shocks in the event of a death of a earning family member.
Credit Shield Insurance
In the event of a death, low income households often resort to selling off assets, cut back on essential expenses such as their children’s education and borrowing more money to cover debts and meet burial expenses. Credit Shield Insurance is a complimentary service to microcredit, that if a client opts into, would protect the insurer and any family member in the case of death against a fixed premium with an additional cash benefit to cover funeral costs.
Aarju Begum, Cumilla, Bangladesh
“My life turned upside down when my husband passed away. He was the sole earner of our family. The cash benefit I received from my loan insurance covered the funeral costs. I used the rest of it and also my savings to invest in this poultry farm. I never believed that I could be a businesswoman.”