A life insurance policy on the life of a borrower that pays off the balance of the loan in the event the borrower dies. The face amount of the credit life insurance policy decreases as the loan is paid off and generally is a decreasing term policy. The policy can be issued on either an individual or group basis.
Credit Life Protection provides for payment of a loan balance in the event of the death of the insured. It offers a convenient, affordable way to make sure that family or loved ones won't be saddled with the burden of a debt in the event of a death. irect Deposit Direct Deposit is a method of depositing your pay, social security, pension, other government funds, and investment earnings directly into your account. This method gives you the earliest possible access to your money.
Usually written as term insurance on a relatively small installment loan that may reflect direct borrowing or a balance due for merchandise purchased. If the borrower dies, the balance due is paid.
A protection plan that pays off members' loans, up to the policy maximum, if they die before the loan is paid off. The member pays the premium (currently $0.55 per thousand per month) based on the outstanding loan balance. Joint credit life insurance is also attainable through the credit union and the current premium is $0.91 per thousand.
Your finance company may require this. It ensures the finance company loaning you money to buy your car will be among the first creditors paid if you die before you pay for your car.
A type of insurance that pays off a specific amount of debt or a specified credit account if the borrower dies while the policy is in force.
This is a special type of coverage usually designed to pay off your loan or charge account balance if you die. Some lenders or sellers may require credit life insurance before they will approve your loan. If credit life is required, the lender or seller cannot require you to purchase it from them or a particular insurance company. If you have an existing life policy, the creditor has to accept an assignment of benefits under your existing policy instead of requiring you to purchase a credit life policy. Credit life insurance premium rates for loans of 10 years or less are regulated by the Texas Department of Insurance, but premium rates for loans that are more than 10 years old are unregulated.
Term life insurance on the life of a borrower, payable to the creditor, to repay a loan (usually small loans repayable in installments) in case of death. This insurance is usually issued through the creditor (a lender or lending agency) and is provided by a life insurance company under a group credit life insurance policy to insure the lives of those who borrow from the creditor. Credit life insurance also can be purchased by an individual directly from a life insurance company. (Also see Credit Disability Insurance.)
A type of insurance, often offered by lenders in which the amount of the policy matches the loan balance at any given time, designed so that the loan will be paid off in full in the event of the death of the borrower. No one is required to buy credit life insurance.
Term life insurance issued through a lender or lending agency to cover payment of a loan, installment purchase, or other obligation, in case of death.
Insurance to pay off loan in event of death.
An optional life insurance product offered by some lenders that pays off your loan if you die. No one is required to buy credit life insurance.
A type of insurance often purchased by creditors to pay off the balance of their loan if they die while the loan is outstanding. Under Regulation Z, in order for the premium to be excludable from the Finance Charge, it must be OPTIONAL, or the borrower must be allowed to purchase coverage elsewhere. Credit Insurance calculation method - Gross coverage. Credit Insurance calculation method - Net coverage. Credit life rateCredit life term
Credit Life insurance is a form of low-cost credit insurance that is available on all credit union consumer loans up to $50,000. This coverage pays off the loan in case of the member's death and costs only pennies per day. Coverage is provided by CUNA Mutual Insurance. The maximum term is 180 months.
A policy covering a buyer's life, until the truck is paid off, thus guarantees payment
Insurance issued to a creditor (lender) to cover the life of a debtor (borrower) for an outstanding loan.
Term life insurance that pays the balance due on a loan if the borrower dies before the loan is repaid.
A term life policy that pays, in full, the scheduled balance of a loan in the event of the death of an insured borrower.
A group life insurance contract whereby a creditor is protected in the event of death of the insured prior to the indebtedness being paid in full.
An insurance policy that may be purchased by the borrower to provide protection in the event of death. The insurance company may pay off the account according to the terms of the policy. This protects the borrower's estate from the liability of the debt.
Insurance that pays off a mortgage in the event of the borrower's death.
Insurance that will pay off the loan balance in the event the member dies during the course of the loan. There are two types: Single life (pays loan balance for one member in the event of death); Joint life (pays loan balance if a member or his/her spouse dies).
A type of insurance often bought by people who hold mortgages in which the amount of the insurance policy matches the balance of the mortgage. It is designed so that the loan will be paid off in full in the event of death. Credit life insurance is frequently more expensive than traditional term life insurance. Further, if the borrower already owns a sufficient amount of life insurance to cover their financial needs, including debt repayment, buying credit life insurance is normally not advisable due to its relatively high cost.
Life insurance coverage on a borrower designed to repay the balance of a loan in the event the borrower dies before the loan is repaid. It may also include disablement and can be offered as an option in connection with credit cards and auto loans.
A form of insurance which is designed specifically to pay out the debts of the insured person in case of their death.
This is completely optional insurance which is supposed to pay off all or a portion of your mortgage if you die.
A type of insurance often bought by mortgagors because it will pay off the mortgage debt if the mortgagor dies while the policy is in force.
A type of life insurance that helps repay the loan if the consumer becomes disabled. It is optional coverage. When taken out, the cost of the policy is sometimes rolled into the loan principal amount.
A type of insurance that pays off a loan if one of the borrowers dies while the policy is in force.
A type of insurance, often bought by borrowers, that will pay off the debt if the borrower dies while the policy is in force.
A type of insurance that will pay off a loan if the borrower dies.
A type of optional life insurance coverage that repays the loan if the borrower becomes disabled. The cost of the policy is often included in the principal amount of the loan.
Type of decreasing term insurance designed to pay the balance due on a loan if the borrower dies before the loan is repaid.