Credit Life Insurance
The passing of a loved one is stressful enough. Having to pay the deceased’s creditors can make life even more stressful. Credit Life Insurance can ease the pressure by paying off or reducing the loan of a borrower who has died. This kind of coverage, also known as Payment Protection, is available on a range of loans and lines of credit.
If you become disabled and unable to work, Disability Insurance will cover your loan payments. This not only gives you financial security; it also guards your assets and protects your credit rating by making sure your loan gets paid.
Equity Safe Debt Protection
Give yourself and your loved ones peace of mind with Debt Equity Safe Debt Protection. This cancels or waives your home equity loan payments if tragedy strikes and you’re left disabled or dead. Lifting the burden of bills will be a gift to your family.
Guaranteed Asset Protection (GAP)
Your car is totaled. You still owe $20,000 for it, but your insurance company will give you only the $15,000 “cash value” of the vehicle. Where are you going to get the $5,000 to pay off the loan? If you’ve got GAP coverage, you’ll get it there. Gap covers the difference between what the insurance company will reimburse you for and what you own for it.
Mechanical Breakdown Protection (MBP)
New car warrantees typically cover only three years and 36,000 miles – leaving car owners on their own after that. That’s why Mechanical Breakdown Protection, also known as an Extended Warranty or MBP, is a good idea. This plan covers vehicle repair costs that exceed the manufacturer’s warranty.