What is Credit Insurance?
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Credit insurance is insurance sold with a credit transaction, such as a loan or credit card, that will pay all or a portion of the outstanding credit balance if a claim is filed. If it is credit property insurance, it usually pays the lesser of the value of the item or the balance of the loan. If you decide to purchase credit insurance, the cost is typically added to the balance of your credit transaction. Are there different types of credit insurance? Yes; they are: • Credit Life Insurancesimilar to a term life insurance policy; however, when the borrower dies, the proceeds of the policy are used to pay off all or part of the borrowers debt. The payment goes to the lender, who is the named beneficiary on the insurance policy. If the insurance proceeds are greater than the debt, the surplus is paid to the borrowers estate. • Credit Disability Insurancepays all or part of the borrowers monthly loan payment in the event the borrower is totally disabled. • Involuntary Unemployment Insuran
Credit insurance protects lenders if you can’t make your payments because of injury, illness, or death. It also can protect you and your family from serious financial difficulties. Most often, credit insurance is bought when you set up installment purchases of major items or establish store charge accounts. Credit insurance is sold by banks, finance companies, auto dealers, and other lenders on behalf of licensed insurance companies.
