credit insurance?

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PostPosted: Tue Jul 31, 2007 6:22 am   Post subject: credit insurance?  

Dear friends,

Does credit insurance cover my credit balances only? What are the specifications for such coverage?



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PostPosted: Tue Jul 31, 2007 6:50 am   Post subject:   

Hi Corrie,

Credit insurance protects you from missing the loan installments under any unavoidable circumstances. It will pay off your debts (partly or fully) at the event of your death or loss of income. Normally, it works as an assurance for the creditors. Therefore, you will often find them to request you to take a ‘credit insurance'. However, they cannot deny you a loan if you do not opt for it.

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PostPosted: Tue Jul 31, 2007 9:35 am   Post subject:   

Hi there, lemme just assure you that more often than not you don't require credit insurance and the lender can't pressurize you to obtain one as a condition for getting a loan. Credit insurances can make you dig deep into your pocket. However, the following types of coverages are available with credit insurance-

  • Credit life insurance compensates the loan amount, at the event of your death.

  • Credit disability insurance will pay off your monthly installments to the lender if you become disabled and cannot work.

  • Credit unemployment insurance will take care of your loan repayment if you lose your job. It is also known as ‘Involuntary Unemployment Insurance'.

  • Credit property insurance protects the property, which is used as a security against the loan from the perils like- fire, theft, natural disaster etc.

Hope this information will help you in making decision.

Thanks and regards,

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PostPosted: Tue Jul 31, 2007 9:59 am   Post subject: credit insurance  

Hello Corrie,

Credit insurance may or may not cover the full amount or term of the loan. It is available for both- open ended and close ended loans. You can either pay single premium or can pay monthly for the insurance. But you need to satisfy the eligibility criteria to qualify for the coverage. However, if you have enough life or disability insurance or other assets, you may not need credit insurance.


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PostPosted: Mon Nov 19, 2007 10:36 am   Post subject: Post shifted......  

Hi Ramsharan, your post has been shifted to the following Url.




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