What is Credit Insurance?
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Credit insurance is insurance that is sold in conjunction with a credit obligation or loan. If you lose your job or become unable to work due to some type of disability — and these events prevent you from making the necessary loan payments — credit insurance protects the lender from your inability to repay the loan by making payments to the lender on your behalf. There are four main types of credit insurance: • Credit Life Insurance: Pays off all or some of your loan if you die during the term of coverage. • Credit Disability Insurance: Also known as credit accident and health insurance, it pays a limited number of monthly payments on a specific loan if you become ill or injured and cannot work during the term of coverage. • Credit Involuntary Unemployment Insurance: Also known as involuntary loss of income insurance, it pays a specified number of monthly loan payments if you lose your job due to no fault of your own, such as a layoff, during the term of coverage. • Credit Property I
Credit insurance is a form of insurance coverage that is available to both individuals and businesses. The coverage provides protection in the event that the policy holder is rendered unable to pay on outstanding debt due to any incident that is covered in the terms of the policy. Common factors that may invoke the provisions contained within a credit insurance policy include the loss of a job, death of the insured party, or an accident that disables the policyholder. The protection against losses that is provided by credit insurance is beneficial to both the debtor and the lender. For the debtor, there is the peace of mind that any debts that are currently outstanding will be settled. At the same time, the lender is assured of receiving payment in full even if the debtor should die. In a business setting, credit insurance can provide protection against major problems with Accounts Receivable. In the event that a client goes into bankruptcy and the unpaid Accounts Receivable items meet
