Creditors Insurance

An easy way to keep your credit in good shape

Creditor insurance gives you and your family a safety net. It can help you pay off your debt or keep up with payments if you get a serious illness, lose your job or die.

What is insurance for a creditor?

When you get a mortgage, personal loan, line of credit or credit card, you want to know that you and your family will be safe if something happens to you and that your family won't be stuck with a debt they can't pay.

Creditor insurance helps with this. It can help you pay down or eliminate your mortgage or loan if something unexpected happens. Creditor insurance is sometimes called "credit protection."

How does it work?

Creditor insurance from various carriers can either pay off your loan in one lump sum or make regular payments to your lender. Depending on the lender and type of loan, the maximum amount covered, number of payments and other terms of coverage may be different. They will be listed on the insurance certificate you get when you sign up.

What things can you cover?

• Your mortgage

• Your personal and business loans and lines of credit

• Your credit card balance

How do you get it?

When you get a loan from most banks and other lenders, you can ask for creditor insurance at the same time. The premium or cost of insurance will depend on the coverage you sign up for. You will need to fill out a separate insurance application and may need to answer a few questions about your health. But in many cases, you may be eligible for coverage right away. If you decide to cancel your insurance later, you're free to do so at any time.

What can creditor insurance protect against?

• Serious illness

• Disability

• Loss of a job without choice

• Death

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