One of the unfortunate parts of adulting is that you have to talk about things that maybe you would rather avoid... such as dying. But we all have to plan if we want to make sure our loved ones are taken care of.
Our Credit Life Payment Protection is essentially a life insurance policy for your vehicle, secured, or other type of consumer loan. What it does is this: Pay off your loan in the event you die (we certainly hope you won't need to use it).
Credit Life Insurance is good for the length of your loan and has a maximum limit of $50,000.
Here’s how it works:
- Your insured loan balance is paid up to the coverage maximum in the event of your death. That should give you some peace of mind.
- Joint borrowers are eligible for coverage even if the primary borrower doesn’t get coverage. This relieves financial worry for all insured borrowers.