FAQs about Loans, Credit, and Payment Options
Credit Insurance Questions
In the event of a sudden, unfortunate event—like an illness, job loss, or even death—Credit Insurance helps make payments toward or pays-off your loan balance.
If you’re looking for additional peace of mind, Credit Insurance may help reduce your financial risk if something happens to you during the term of your loan.
No. Credit Insurance is entirely optional and will in no way affect the status of your loan. Credit Insurance may also be canceled at any time.
Credit Insurance may pay all or part of the covered account balance, subject to coverage terms. Some products, such as property insurance and involuntary unemployment insurance, will pay up to your minimum monthly payment for a specified period of time.
Credit Disability Insurance typically covers some or all of a borrower’s monthly loan payment during a period in which the borrower is unable to work due to a qualifying injury or sickness. The insurance company will make loan payments on behalf of the disabled borrower, directly to the creditor.
Credit Property Insurance will cover the properties you finance or use as collateral from specified losses and/or disappearance.
Credit Involuntary Unemployment Insurance pays a monthly benefit toward your debt if you become involuntarily unemployed. The insurance company will make loan payments on behalf of the unemployed borrower, directly to the creditor.
After a claim has been submitted, the insurance company will pay the amount associated with that claim, as described in the policy to the named beneficiary. Depending upon the loss, the benefit will typically be the full policy amount or half of the policy amount.
