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What is credit life insurance on a car loan?
"My credit union is offering a lower interest rate but with higher monthly payments.
The loan office said this is because of a credit life insurance policy.
Is this credit life insurance policy worth the extra money?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Unless you need this type of life insurance coverage for death, dismemberment, and injury (that usually only pays out a max of $10,000), it probably isn’t worth it.
However, few credit unions require you to take this coverage. If possible, ask if they can remove the coverage before you get the loan.
If they won’t drop the credit life insurance, go somewhere else.”
View full answer
- Gregory R.
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