Credit Life Insurance
Credit Life Insurance is designed to help pay off or reduce a borrower's loan balances in the event of the borrower's death. It is available with most of our loans and is a voluntary purchase. Since it is tied to the length of the loan term, it can be a good deal for most consumers.
Benefits of Payment Protection:
- Convenient - the cost of coverage is included in the monthly payment
- Pays benefits even when other insurance is in force
- Helps reduce financial risk
- Helps provide security and peace of mind for you and your family
- Helps protect credit standing and assets
LIFE COVERAGE
Eligibility
Health Statements
- Required on all Home Equity loans
Termination
- Age 70
- When debt is renewed, refinanced, or paid in full
- When requested in writing
Plan Type
- Single Life available for primary borrower
- Joint Life available for co-borrower/spouse
Coverages
- $30,000 maximum benefit
- 120 month maximum term of insurance
- $50,000 maximum benefit on Home Equity loans
Payment Protection is credit life and disability insurance and is underwritten by Life Investors Insurance Company of America (Home Office – Cedar Rapids, IA). Exclusions, limitations and terms of availability apply to this coverage. For cost and complete details, contact your loan officer.
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