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Credit Life Insurance
Credit life insurance is an insurance policy that pays a lender the full principal balance of a loan upon the death of a borrower.
Sometimes, the disability of a borrower can also trigger the claim of the policy.
Borrowers sign up for such policies so as to prevent their family members from having to shoulder the burden of the debt.
While this can be applied to mortgages, credit life insurance can be tagged to all types of debt.
Lenders usually try to get borrower to purchase mortgage insurance as much as possible as credit life insurance is not as well-known as the former.
On top of that, it is illegal for lenders to make credit life insurance a requirement for their loans.
It can seem like credit life insurance can be a sure win for any borrower.
But on closer inspection, one would find that insurers would have calculated the premiums based on the projected lifespan of a client. Making it difficult to profit, with the exception of an untimely death.
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