What is credit insurance?
The Bankrate.com financial term of the day is: "credit insurance."
When you apply for a loan or open a new credit card, the lender may try to sell you credit insurance. These policies pay off some or all of what you owe if you die, lose your job or become disabled. The consumer watchdogs at the Federal Trade Commission note that credit insurance is usually optional, and if the choice is up to you, the lender can't refuse to give you a loan if you say no to the insurance.
Credit insurance can help pay back a loan at the times when you can't.
To get an insurance quote, visit the Insurance section at Bankrate.com.
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