Protection For When Life Happens.
Credit Life Insurance can help you prepare for the unexpected.
John Lennon said that “life is what happens when you’re busy making other plans.” While we often plan for our next home, car or vacation, some life events are unpredictable. A sudden, unexpected death can destroy a family’s finances. This is where Credit Life insurance can offer peace of mind.
What is Credit Life Insurance?
Credit Life insurance is insurance placed on a loan. If one of the loan borrowers passes, credit life insurance will cancel or reduce the loan balance. It reduces the financial burden on the remaining borrower or surviving family members, allowing other life insurance policies to be used for funeral expenses, mortgage payments or other family needs.
Credit Life Benefits
- Coverage is available for vehicle, personal and home equity loans
- Low-cost of just $.66 per thousand if a single borrower owns the loan or $1.15 per thousand if joint borrowers own the loan
- Can cancel or reduce the loan balance if a borrower passes during the term of the loan, up to a maximum of $30,000 per loan.