If you have a mortgage, loan, line of credit, or a credit card, it may be in your best interest to accept the creditor life and disability insurance that goes along with it. Although it will cost you extra money out of pocket, it may just be worth your while. Although I had never expected to be unable to work, it actually happened to me recently. I got unexpectedly ill and was unable to work for a few months. From my experience I realized that this could happen to anyone, so it’s important to be prepared in the event that the unexpected could happen to you as well. Below are a few reasons why you may want to consider buying creditor insurance the next time to want to get a loan or mortgage.
1. It can give you peace of mind. If something were to happen that drastically changed your ability to earn income, you want to know that you and your family would be protected. Without insurance, you would still be expected to make payments to your credit products. But, with insurance, you would know that it would be paid of in full in the event of your death and that your disability insurance would kick in if you were unable to work due to an accident or injury.