insurance

5 things to know on credit life insurance

Life insurance for a borrower
Next
1 of 7
Life insurance for a borrower

When you hear about credit life insurance, it's easy to confuse it with a standard life insurance policy. But consumers need to understand that credit life insurance, which is designed to pay off the balance of a loan in the event of death, isn't life insurance, says Kevin Lynch, assistant professor of insurance at The American College in Bryn Mawr, Pa.

"It can be a little confusing," Lynch says. "Although they're two very different products, they often accomplish very similar results." Of course, it doesn't help that the names are similar. But here are five things you need to know about credit life insurance.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement

Compare multiple quotes in just 6 minutes

Get competing rates from top companies including:
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Jay MacDonald

Judge rules BP ‘grossly negligent’

Court ruling could cost BP $18 billion more in fines for the 2010 Deepwater Horizon Gulf oil spill.  ... Read more

advertisement
Partner Center
advertisement

Connect with us