Land Bank: Why it is smart to take out credit life insurance

Credit life insurance is one of the most effective techniques for protecting a farmer's assets in the case of death, disability, or terminal illness. This is a type of life insurance policy that will pay off the borrower's outstanding agricultural credit loan if a claim is made. 

According to Pascal Siphugu, general director of Land Bank Insurance Company (LBIC), LBIC credit life plans protect families' well-being and provide financial piece of mind when farmers borrow large sums of money to fund farming activities.