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About credit life insurance
- Creditor insurance coverage normally decreases as you pay off the loan or mortgage but the premiums you have to pay often remain the same or even increase.
- Is the policy "subject to" the clauses of another legal document such as a "master group policy" (If that's the case, have you read and understood the "master policy"?)
- If your health or insurability deteriorates, your lender may get this information and it may affect your ability to renew or continue with the loan itself.
- With credit insurance, the creditor is almost always the beneficiary
- You will rarely, if ever, get a fair opportunity to fully examine the policy contract
- You have far less control and the group creditor life insurance may be cancelled with little or no notice to you.
- Never replace an existing life insurance with credit life insurance (Aka mortgage insurance, credit card balance insurance and loan balance insurance)
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