insurance

What is credit life insurance?

 

 

What is credit life insurance?

The Bankrate.com financial term of the day is: "credit life insurance."

If you die, will your family have trouble keeping up the mortgage and holding on to the house? If the answer is yes, you may want to consider credit life insurance. It's coverage that completely or partially pays off a loan following the death of the borrower. Some lenders require credit life insurance, which can be rolled into the loan. The Federal Trade Commission warns consumers that the insurance can be expensive and that it may make more financial sense to buy additional standard life insurance instead.

Credit life insurance is designed to cover a debt in case of death, but it may not be the wisest investment.

To shop for insurance to fit your family's needs, visit the Insurance section at Bankrate.com.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
 

A little research could save you BIG on interest.

Don't have time? Our rate-tracker tool saves you time and money. Delivered Thursdays.
 
advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

Labor Day road trips to increase

AAA Travel projects that 34.7 million Americans will travel more than 50 miles from home this Labor Day weekend, the highest volume since before the 2008 recession.  ... Read more


Connect with us