Covers Many Loan Types
Credit Insurance (also known as Payment Protection) is available on installment loans, lines of credit, credit card loans and certain types of real estate secured loans.
Two types of Payment Protection:
Credit Life Insurance
pays off or reduces a borrower's loan balance if the borrower dies. Joint Credit Life Insurance protects both a borrower and co-borrower if both are named on the loan application and are jointly and individually liable under the loan.
Credit Disability Insurance
is designed to make loan payments (up to the contract limit) if the insured becomes disabled and unable to work. Joint credit disability coverage is only available in certain states.