Do I need Credit Life and Disability Insurance?
The first question to ask yourself is, “Do I have enough savings or insurance to pay off this loan?” If the answer is no or if you are doubtful for the future, credit life and disability insurance is a good idea. Credit life and disability ensures that your loan is paid for in the event of your death or if you become disabled.
• Credit life pays the remainder of your loan in the event you die before the loan is repaid.
• Credit disability makes your monthly loan payment for the time you are unable
to work due to a disability.
Credit Life and Disability insurance can protect you from losing your savings or other property if you cannot repay the loan due to death or a disabling accident.
These policies are typically very straightforward. When electing the products, your loan payment is adjusted accordingly. The premium is simply added to the loan each month and decreases as the loan balance is paid down. In the event the insurance is needed, you deal directly with your lender with no hoops to jump through. Genisys members have received over a million dollars in credit life and disability insurance claims annually over the last several years, helping to keep their finances on the right track during unforeseen circumstances.
More Common Car Buying FAQs
- Do I need a down payment or can I get 100% financing to buy a car?
- What things should be considered when buying a NEW car?
- What things should be considered when buying a USED car?
- Can I refinance a car loan I have with another bank?
- Should I lease or finance and buy my car?
- What kind of vehicles will Genisys Credit Union finance?
- Do I need to have great credit to get a car loan?
- Do I need Credit Life and Disability Insurance?
- What other costs should I consider when budgeting for a car?
- What are the insurance requirements for an auto loan?