The major objective of every life insurance policy is to protect your defendants from any kind of financial crises that may arise in the consequence of your death. The choice of the insurance policy to be purchased depends upon your future financial needs and current financial status. There are different kinds of life insurance policies and credit life insurance is one of them. The credit insurance policy is often purchased by the mortgagors in order to pay off their credit card debt in case of their sudden or accidental death. This policy pays off the unpaid transactions of your credit in the event of your death. The most common type of unpaid transactions includes credit card bills and mortgages. Most of the people purchase credit life insurance policies when they make a massive financial purchase such as home purchase etc. The amounts of premiums of these policies are added to your borrowed loan.
You can ” over the Internet or you can hire an expert regarding these policies to get the exact and expert verdict. Credit life insurance coverage is a bit expensive as compared to whole life insurance and term life insurance coverage. Salesman selling these polices receive a huge commission from the company for selling these polices to the individuals. No medical test is required to purchase s credit life insurance policy. The death benefit is received by you creditor not by your family. The policy becomes null and void when policy holder turns 70 years of age.
These policies are optional and may not appropriate for each and every individual. You must purchase these policies due to your own needs rather purchasing them by force through pushy salesmen. You can cancel and refund the entire amount of the policy at any time. In most of the states of America it is illegal for salesman to push people to purchase these policies. You can get rates and quotes for these policies over the Internet for example you can get ” by browsing and searching related websites over the Internet.