Posted: Tue May 30, 2006 10:03 am Post subject: Avoid telemarketers for a credit insurance policy !
Hi friends! I have recently got a telemarketing call from a private bank that I have a credit card with. The person on the other side, over talked and persuaded me to buy a protection policy for such a time when I might be disabled or unemployed. Now how do I manage this policy ? _________________ Register Now to have your Insurance queries solved.
Posted: Tue May 30, 2006 10:36 am Post subject: the greater impact of credit insurance
Can you tell me my friend, why should a person go for a credit insurance policy ? Won't he find a much cheaper way out through his life insurance and disability insurance policies ?
This is the time for you to realize that a credit insurance policy is an assurance even for a person who may not even find any other insurance to cover the credit balance. This greater impact of the credit insurance can be easily understood from the higher rates of premium offer by it. Hence I find no reason why a healthy person should maintain such an absurd thing for long ! _________________ Register Now to have your Insurance queries solved.
Posted: Tue May 30, 2006 11:01 am Post subject: a wholesome explanation !
Guys...could anyone offer me a wholesome explanation of the credit insurance ? And also let me know about the premiums that I'm supposed to pay once I opt for such a policy !
awaiting your responses,
Clement _________________ Register Now to have your Insurance queries solved.
Posted: Tue May 30, 2006 11:34 am Post subject: Credit insurance can be defined.
Credit insurance can be defined as the policy that pays off the debt (loan or credit) if the borrower dies, lose his job or become disabled. The revolving credit card debt protection is calculated for each month to cover only the debt amount that existed at the last billing cycle.
As far as the monthly premiums are concerned, they are calculated upon the credit balance of the consumers or the amount of credit already used by them. It is up to the consumers to use their credit in a way so as to keep their premiums low as far as possible.
Hi guys ! if that's the case, then do I suppose that Credit insurance is not at all helpful to anyone ? Plz help.
Florence _________________ Register Now to have your Insurance queries solved.
Posted: Wed May 31, 2006 8:17 am Post subject: protection from weaker clients
Not At All !
Please try and understand that Credit insurance is always helpful as it enables the companies to get protected from a weaker client for the future. Whenever the customers are not making proper payments in time, this insurance would surely help protect the sellers' interests. Some industries with huge credit exposures also get benefited from this since they would often ignore their clients' monetary status and then suffer later on.
thanks a lot..
ABOUT CREDIT INSURANCE IS ANOTHER GREAT INFORMATION HERE.
THIS INSURANCE FORUM IS REALLY GREAT!!! _________________ Register Now to have your Insurance queries solved.
Posted: Mon Mar 10, 2008 1:30 am Post subject: insurance
I thought this kind of policy was automatic, if you get a loan (ie.vehicle,etc.). I have one, with my car loan. God forbid, if anything happens to me, my car loan is paid off.
Wow, quite a nonsensical day we're having on the forums!
I'll just say that I don't think these credit-card offered plans are that great, it's really just an added revenue for the card-issuer. Not to negate your point, Simon, as it is valid but I think you describe it as a greater benefit to the seller than the buyer to have such coverage in place.
If you are concerned about your ability to pay your bills in the event you become disabled there is a mainstream life insurance product designed for that purpose. It's called Disability Income and will pay more than just your credit card monthly minimums. If you are worried about your family's ability to cover expenses in the event of your death, buy a life insurance policy.
Unless of course if your Visa bill is the only bill that you would not be able to afford if you were disabled, then the card issuer's coverage is probably more cost effective. Of course I've never met anyone in that sort of cash position who carries a balance on a credit card.
Oh, and Chargersfan,
Credit-Life coverage used to be practically automatic with loans but now days fewer and fewer banks are offering it at all. And again, even if you have this on your loan, you're paying for it and for what you're paying, or just a little more, you probably could have bought a term life policy that would pay off your car loan and a whole lot more.
Posted: Thu May 15, 2008 4:36 am Post subject: insurance
I do have this policy, on my loan. ..the 'disable part' i mean. And, yes, i am paying or it. If, GOD FORBID something happens to me, i wouldn't want someone to have to make the payments on it. Also...my Military Life Insurance would cover SOOO much bills and have quite a bit left over.
Posted: Mon May 26, 2008 9:33 am Post subject: insurance
I don't know if it would be good to ahve it on a Credit Card, etc. but...i think it's good to have 'Disibility' Insurance on any kind of loan, you may have. Ya know?
