What is credit insurance?
In 2000 I bought $6 a month of credit insurance from a bank. What is it?
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@chyna I don’t know. I don’t even know if the bank has a branch in Red Deer?
I believe that the same bank branch has ½ of my student loans.
It would amount to $1,500 in fees. To 2023. My remaining student loans is $12,500 compounded by 23 years, at 7–9%.
I would like to know if my credit insurance would cover my outstanding balance in my student loan?
Usually (but you’d need to check the details) it would pay off your debt in the event you were unable to pay for example you’re no longer able to work or die or whatever.
In the UK there was a bit of a scandal with banks mis selling it.
The ones I’ve seen only pay the minimum payments as long as you are unemployed/disabled. That allows interest to accumulate. Total rip off.
No, they really pay but won’t get you out of debt at all.
these types of organizations target people with credit history issues. They make you think it is a quick fix or guarantee to get your credit up and insure you from issues.
Any bank or credit organization worth its weight do this very thing without a monthly cost.
It is insurance that pays off any loans you have if you die. There limits to negotiate and that influences the premium amount.
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