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Insurance Matters: Your Onemain Solutions Information Source

What is Creditor Insurance?

Creditor Insurance, also called credit insurance or creditors group insurance, pays off or reduces an outstanding credit balance or makes debt payments on the customer's behalf in the event of death, disability or job loss. Creditor Insurance provides individuals and families with peace of mind that debts will not become a burden if unexpected events should occur.

Benefits of Creditor Insurance

Fulfills a need- If you are unable to make your payments for reasons such as death, disability or job loss, the insurance helps ensure that the loan stays in good standing; credit rating is protected, and in the event of the death of the insured, the debt may be paid off.

Convenient- Creditor Insurance is offered alongside the loan product making it inherently timely and convenient. Premiums for Creditor Insurance can be included with the debt and debt payment. The claims process is straightforward. You always have the freedom to purchase or decline Creditor Insurance.

Quick and Easy Purchase- The purchase process is simple with most people being automatically approved for coverage without medical tests. Eligibility may be determined based on answers to health questions. Creditor Insurance accepts a large majority of applicants. Even those with a pre-existing medical condition may be eligible to purchase.

Changes in needs- Creditor Insurance coverage can be cancelled at any time.

Accessibility- Individuals have convenient access to Creditor Insurance through hundreds of branches, making insurance more accessible in small towns and remote areas.

Affordability- Creditor Insurance enables you to obtain small amounts of coverage at affordable insurance premiums. Creditor Insurance is also in place for a short duration to match the term of the loan.

Creditor Insurance can provide an opportunity to buy protection that you might not otherwise have. No substitute is available to meet the needs for access, affordability and ease from a trusted financial service provider.