What is Credit Life Insurance?

[jaitley143]

Borrowers may find credit life insurance an attractive option simply because it is one of the most reasonably priced life insurance options on the market. A number of factors make it cost effective. First, it is basically a term life insurance policy, only lasting the length of the loan at most. Second, because the amount of possible liability decreases each month, every month a payment is made means there is less risk for the insurance company to cov

[mortgages143]

Credit life insurance is a policy usually bought by a mortgagor, the person who owes the money, so that the property is protected in the event of the mortgagor's death. The credit life insurance policy will pay the outstanding balance of the loan in such a case.