What Is Credit Life Insurance In Bridgeport, Connecticut

One of the questions I received today via e-mail from Paul “What is credit life insurance?”

Bridgeport, Connecticut is a multicultural city right on the water of Long Island Sound. Bridgeport is refereed to as the “Park City” because it possesses beautifully designed public parks.

Answer to Readers Question: Credit life insurance can be used to pay off a debt, such as a loan for car, furniture, electronics, appliances, etc., if you die or are disabled. It is a type of decreasing term life insurance.

It is insurance policy on a debtor, in favor of a lender. Although they may have some similar features, it is not the same as mortgage life insurance.

You will be offered this sort of policy when you are financing a large item. The premiums are usually added into the loan contract .It can be expensive and please note that it often illegal for a lender to require you to buy it.

If you already own a sufficient amount of life insurance to cover your financial needs, including debt repayment, the purchase of credit life insurance is normally not advisable due to its relatively high cost.