Credit Insurance: A Basic Definition Credit insurance is protection that is offered for credit cards and loans, and provides coverage if you are laid off, disabled or pass away. Credit property insurance offers financial protection on the items you purchase on credit cards or use as collateral for a loan. For discussion here, disability credit insurance is a plan that makes the credit card payment for people who are disabled and, therefore, cannot work. Disability [...]
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Credit Insurance: A General Definition Credit insurance is coverage that is designed to make the payments on a credit card or loan balance or payoff the said balance in the event of your death. If you choose the coverage, then the premium cost is generally added to your loan or credit balance on a monthly basis. Two Types of Credit Insurance: Credit Life Insurance and Credit Disability Coverage Credit insurance can come in one of [...]
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Are you a Good Candidate? Are you a good candidate for credit insurance? Often the answer is dependent on the type of credit insurance you elect to choose and the company that provides the coverage. Credit insurance is offered that will pay your minimum payment on your credit card should be become unemployed as the result of downsizing or a layoff. Coverage is also available to people who become disabled and cannot work. Check out [...]
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Credit Insurance – A Benefit offered by Credit Issuers One of the benefits that credit card customers offer their customers is credit insurance. If you choose this type of protection, the monthly premium payments are included in the outstanding amount of your credit card. Therefore, the premium for such a plan is subtracted from the available balance on your credit card. Credit Insurance Coverages Credit insurance is available in four types of plans, namely involuntary [...]
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A Small but Significant Expense When you are issued a credit card, and scanning the fine print of your contract, it may slip your notice that you are also paying for credit insurance too. Generally, the coverage provides protection by paying the minimum monthly payment on your card in cases where you are unable to make payments. You may not realize that you have the insurance as it is not extremely expensive, yet it still [...]
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Credit Insurance is not a Necessity in Most Instances If you speak to most financial gurus, most will agree that the credit insurance obtained through credit card companies isn’t really a necessity. Typically, you can buy the coverages offered through credit insurance plans through your employer or insurance company. Plus, the protection offered by your employer or insurance agent will usually be more comprehensive. For example, if you work for a company that offers benefits [...]
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Credit Insurance – A Good Deal for the Credit Card Insurance Companies Do you really need the credit insurance that is offered with most credit cards? In most cases, the answer would be, “no.” While it may seem like you are obtaining a good deal, in reality, you are better off, in most cases, to seek more extensive coverage through your insurance agent. That’s because most policies that are offered by credit card companies will [...]
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Credit Insurance – An Unnecessary Expense in Most Instances Credit insurance can be sold for a number of reasons and, basically, is protection for the lender. Generally, the protection is offered through credit card or finance companies and can be considered an expense that is unnecessary in most instances. Credit Life Insurance For example, credit life insurance is used to pay a loan balance if you pass away. However, instead of credit life insurance, it [...]
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Consumer Credit Insurance – Designed with the Lender’s Interest in Mind Consumer credit insurance is usually included with a secured loan, such as a mortgage, to ensure that the payments will continue to be made in case you are unable to make timely payments. The insurance is an option and is not required. Therefore, it’s up to you whether you want to include it with your payments. Types of Consumer Credit Insurance You can choose [...]
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Consumer Credit Protection Before making the decision to purchase credit insurance, you first must look at the alternatives, your basic requirements, and, above all, the amount you’ll have to pay. Credit insurance protects the lender. Therefore, if you default or can’t make your payments, then the insurance makes the payment. Basically, there are four kinds of consumer credit insurance – credit life insurance, credit property insurance, credit disability insurance, and credit involuntary loss of income [...]
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