Tuesday, March 11, 2008
Credit Insurance: Is It for You?
There are four main varieties of credit insurance: Credit life insurance pays off all or some of your loan if you die. Credit disability insurance, also known as accident and health insurance, makes payments on the loan if you become ill or injured and can't work. Involuntary unemployment insurance, also known as involuntary loss of income, makes your loan payments if you lose your job due to no fault of your own, such as a layoff. Credit property insurance protects personal property used to secure the loan if destroyed by events like theft, accident or natural disasters.
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If you have a job, have children or own a home or any property, its important to have all 4 types of insurance. You never know what can happen in the future.
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