Article: What Is Credit Insurance?
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What Is Credit Insurance?
Are you wondering what is credit insurance? Very simply, credit insurance is an insurance policy that protects a loan on the chance that you are unable to make the repayments. The next time you have occasion to apply for a loan or mortgage, you will be asked if you want to buy credit insurance, or it might already be included in your loan proposal. If so, it will increase your loan amount and you'll pay additional interest.
Credit insurance usually is optional, which means you don't have to purchase it from the lender. Before deciding to buy credit insurance from a lender, think about your needs, your options, and the rates you're going to pay. You may decide you don't need credit insurance.
If you decide to get credit insurance be aware that it can be an exp...
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