You do NOT need Credit Insurance! It is almost always better
to insure yourself against income loss or death by purchasing regular life or
disability insurance instead of credit insurance.
When you finance cars, consumer goods, mobile home
sales, and residential mortgages, salespeople may try to sell you four types of
credit insurance:
Credit Property: Insures against
damage or loss to whatever item secures the loan;
Credit Life: Pays the loan
balance in case of death;
Credit Disability/Accident and
Health: Temporarily makes loan payments in case of accident or ill
health; and
Involuntary Loss of Income:
Temporarily makes loan payments if you're laid off from work.
Creditors have an incentive to sell credit
insurance because they are the primary beneficiaries. They make money from the
sale of insurance and they make money when you pay the insurance premium as
part of your loan.
Credit Insurance Abuses : There are four
common abuses in selling credit insurance;
- Involuntary or Pressured Sales;
- Overcharging;
- Incomplete Coverage; and
- Post-claim Ineligibility Determination.
Reduce Unwanted Solicitations by
removing yourself from Mail, Telephone, and Email lists for unsolicited credit
and insurance offers. Use these
opt out instructions.
If you've fallen behind on your
bills, especially credit cards, don't panic. You may have several good options
available to you. Your success starts by assessing your current situation and
finding a trusted service provider that is licensed in your state.
How iDebtAssistance.com Works:
Rich's Enterprises, L.L.C.,
Prattville, Alabama
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