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Credit Life Insurance

Credit life and disability insurance is used to pay off a debt after you pass on or have lost some parts (dismemberment).

Disadvantages:

  • The total cost may add up to hundreds of dollars
  • The lender gets the insurance money when you die
  • Nothing goes to your estate, while you paid the premiums
  • Some consider it gouging for what you get
  • The premium usually financed on top of your loan amount
  • Usually not explained to the borrower
  • The rates are high for what you get
  • Usually a maximum term of around 48 months
  • Won't insure folks over 65-70 (those most likely to use it)
  • Can't comparison-shop

Health Insurance     Guaranteed Issue     Burial Plans     Critical Illness
Disability Insurance    Credit Life     Whole Life     Universal Life
Long Term Care     Medicare Sup.    Second To Die     Accidental Death
Kids Insurance?     Whole or Term?    Health Problems?
Lower Premiums    Insurance Needs      Replacement
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All rights reserved. Copyright © Craig Casey 1999.
Whole Ordinary life insurance policies, Credit Union, Transaction Processing, loans, credit, CD's, Certificates of Deposits, Banking Services, Visa, Debit Card, low cost insurnce, claims, service, Credit life policies buying tips, own, purchasing, rates, premiums, buy, search Whole, enroll.

Craig Casey
Lic. #0B81661
San Diego, CA
frequently asked questions, answers, fees, problems, uninsurable