What is Credit Life Insurance?
A life insurance policy designed to pay off a borrower’s debt if that borrower dies. The face value of a credit life insurance policy decreases proportionately with an outstanding loan amount as the loan is paid off over time until both reach zero value. Read more for examples and further explanation including related video clips and also comments
Example explains Credit Life Insurance
Credit life insurance can protect a person’s dependents. It may also be required by some lenders; therefore, it is important to read the fine print of any loan agreement to determine whether credit life insurance is required.
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