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Insurance Matters: Your Onemain Solutions Information Source

How do I know if credit insurance is right for me?

There are a few questions to ask yourself to determine if credit insurance is right for you.

Will your spouse or dependents have to pay the debt?

Most purchasers of credit life insurance say they purchase the coverage so that the debt will not be a financial burden to others if they should die.

Is the loan amount small enough that the monthly payments could be handled easily without insurance?

Many purchasers would find it difficult to make the monthly loan payments if they became disabled or unemployed.

Do you currently have adequate savings and/or other insurance to cover your needs?

Most purchasers of credit insurance have little, if any savings set aside for emergencies and little or no other insurance to provide funds in the event of death, disability, or unemployment. As a guide, consider that financial experts recommend savings for emergencies equal to six months of income and life insurance equal to as much as seven times annual earnings.

When you consider the potential financial risk, you will see the possible benefit of Creditor Insurance.