There are a few questions to ask yourself to determine if credit insurance is right for you.
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.
Many purchasers would find it difficult to make the monthly loan payments if they became disabled or unemployed.
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.