kate_sept2004 / Getty Images Estate planning can help you create a comprehensive blueprint for handling your finances during your lifetime and beyond. An essential part of that plan centers on what will happen to any debts you may owe after you pass away. Leaving your loved ones to deal with an outstanding mortgage, credit cards, student loans, or other debts can create an undue financial burden. Credit life insurance, also known simply as credit insurance, is designed to help reduce that burden, although it may not be appropriate for every estate plan. Learn more about whether credit life insurance is the right choice for you. What Is Credit Life Insurance? Credit life insurance is...
Continue reading...
Our Office Address: CreditMantri Finserve Private Limited Door No.3, Block B, No. 147, 2nd Floor, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road, Thousand Lights, Chennai, Tamil Nadu 600006 All written queries will be responded within 1 working day. We'd love to help you through every step along the way. Introduction Credit Life insurance is gaining increasing popularity in India. For the loan providers, it offers protection in recovering the loan in case of the unfortunate death of the borrower. Also, it assists the family of the borrower by repaying the loan allowing them to retain the asset (e.g. house or car) without putting financial pressure on them during a...
Continue reading...
What our credit insurance covers Credit insurance covers you in the event of permanent or temporary disability, retrenchment, unemployment, the inability to earn an income (other than disability), or death. It’s compulsory for credit terms of 7 months and longer, and dependent on individual risk profile. While we offer this insurance (underwritten by Guardrisk ), you can provide us with an alternate policy of your choice provided it meets our minimum requirements. What makes our cover unique? Your credit life insurance premium is charged monthly at a Rand amount per every R1 000 of the outstanding balance. This means that the longer you pay (and the less you owe), the lower your...
Continue reading...
Credit insurance pays off your credit card balance or a loan if you can't make your payments due to death, disability, unemployment, or sometimes if property is lost or destroyed. One type of credit insurance protects businesses against non-paying clients. How Credit Insurance Works Credit insurance is often an extra service that's offered by your credit card lender, either at the time you apply or later in the life of the loan. It's not sold by agents. The premiums will vary based on the amount of the benefit. The higher the debt, the more of a premium you'll pay. It's often tacked onto your monthly bill until you use the insurance or cancel the benefit. But it can also be...
Continue reading...
More Like This: There are various life insurance plans out there, and each one is designed to help your loved ones recover in the event of a serious loss. However, credit life insurance exists to help pay off any outstanding debt. Usually, the face value in a credit life insurance plan decreases over time at the same rate as the debt is being paid off until both values eventually reach zero. Essentially, having credit life insurance means that you may be able to eliminate debt from you and your loved ones’ lives entirely. How Credit Life Insurance Works Credit life insurance might be particularly helpful if a loved one or family member co-signed with you on a loan or mortgage. If you were...
Continue reading...
What is credit life insurance? Traditional life insurance pays out to your beneficiaries after you die, but a credit life policy pays out to a lender you've borrowed money from. Let's say you have a mortgage and want to make sure your family can stay in the home after you're gone. Taking out a credit life insurance policy on the mortgage means the insurance company will pay the mortgage off in full if you die. One thing that makes mortgage credit life insurance so attractive is how easy it is to obtain. There are no medical exams necessary to qualify and no credit report pulled. Credit life insurance policies make the most sense for a person who may not qualify for standard...
Continue reading...
Credit Life Insurance Refunds Sample Clauses Related to Credit Life Insurance Refunds Single-Premium Credit Life Insurance Policy In connection with the origination of any Mortgage Loan, no proceeds from any Mortgage Loan were used to finance a single-premium credit life insurance policy; Single Premium Credit Life Insurance None of the proceeds of the Mortgage Loan were used to finance single-premium credit life insurance policies; Term Life Insurance During the Employment Term, and in addition to any other benefits to which Executive shall be entitled, the Company agrees to pay the premiums on a term life insurance contract covering the Executive that pays a death benefit of at least $...
Continue reading...
As a member of WRCU, we can offer you optional credit insurance on your loan. What happens to your loan payment if you become disabled due to an injury or illness or die unexpectedly? Protecting your loan payments against unexpected life events with Credit Life and Disability insurance could help protect more than your finances. It could help lighten the burden for the people you care about. Most members are eligible to apply for Credit Life and Credit Disability Insurance. Coverage is available at competitive rates and the premium will be included with your monthly loan payment; there is no separate bill. It's just a simple step to add this insurance to your loan when you sign your...
Continue reading...
The Office of General Counsel issued the following informal opinion on May 13, 2002, representing the position of the New York State Insurance Department. Re: Credit Life Insurance Questions Presented: 1) May a nonprofit New York corporation that makes a business loan enter into an agreement with its debtor to forgive the loan in the event of the debtors death? 2) May a nonprofit New York corporation obtain a group credit life insurance policy from an authorized insurer to cover a portion of its loans and then enter into an agreement with a debtor to forgive the remainder of the loan in the event of the debtors death? Conclusions: 1) This would constitute doing an insurance business. The...
Continue reading...
Some Good To Knows About Credit Life Insurance You probably already have auto insurance and homeowner’s insurance policies. And you’re also likely covered by health insurance and life insurance. You may even have pet insurance for your favorite furry friends. So, it begs the question: Do you need credit life insurance, too? Let’s clear up some of the confusion and misinformation that exists about this little-known coverage policy. Read on for all you need to know about credit life insurance. Their names are nearly identical, and both kinds of insurance policies make payouts in the event of a death. But that’s essentially where the similarities end. Life insurance covers the policyholder...
Continue reading...
