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What is Credit Life Insurance?

A credit life insurance policy, or "credit life," is used to pay off a debt -- a loan for car, furniture, electronics, appliances, etc. -- if you die or are disabled. It is a type of decreasing term policy.

It is insurance on a debtor, in favor of a lender. Although they may have some similar features, it is not the same as mortgage life insurance.

You may be offered this sort of policy when you are financing a large item. The premiums are usually added into the loan contract. It is always optional, and it can be quite expensive. Note that it often illegal for a lender to require you to buy it.

If you already own a sufficient amount of life insurance to cover your financial needs, including debt repayment, the purchase of credit life insurance is normally not advisable due to its relatively high cost.

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