What Is Credit Insurance?
Credit life insurance pays in the event of the debtor`s death. Credit accident & health (or disability) insurance covers loan payments due while the debtor is ill or disabled. The most commonly sold credit insurance is referred to as credit life or credit accident and health (or disability) insurance. Credit life insurance may be purchased by itself or in a combination policy also providing credit accident and health (or disability) coverage. Credit accident or health (or disability) insurance is not available except in combination with credit life coverage.
Credit Life and Credit Accident & Health Insurance is frequently offered to consumers financing the purchasing of an automobile. The purchase of credit life and credit accident & health insurance is strictly optional. A lender may not refuse to give a consumer the loan simply because the consumer declines to purchase credit life and credit accident & health insurance.
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