What is "Credit Life Insurance" and "Credit Disability Insurance" and Should You Buy? Credit Disability Insurance and Should Y Why might you consider credit insurance? If you're like many people, you need a loan to make certain major purchases, such as a car, a truck, a boat, appliances, furniture, etc.The loan can be through the company selling the goods or an outside financial institution such as a bank. When you apply for this type of loan, the lender may want you to buy an insurance policy that protects the lender's investment. There may be good reasons for buying or not buying a policy. For example, you might decide not to buy if you already have "life insurance" in a sufficient amount to pay back the loan if you die before the money is repaid. But the choice is yours. Insurance that covers such a loan is known as credit life / credit disability. Some policies cover only life, some cover only disabilities, and others cover both. Credit disability is often called credit accident and health insurance. Credit life insurance = decreasing term insurance Credit life is similar to a special type of life insurance called "decreasing term" insurance. � A credit life policy is issued for an amount equal to how much you owe. � As your loan balance decreases, so does the face amount of the credit life policy. � If you die before the loan is fully repaid, the policy pays the lender an amount equal to what you still owe at that time.
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