Credit Life Insurance evolved from the concept advanced by the insurance industry that “No Debt Should Survive Its Maker or Ever Become a Burden to Others.” The concept of credit insurance is equally important to the loan borrower as it is to the creditor. In this sense, the creditor is accepting a responsibility of interest in the continued well being of its borrowers by offering the option of credit insurance.
Financial institutions and borrowers become increasingly aware of its value in minimizing family financial stress in time of death or disability. Credit Insurance provides a peace of mind and family security, and should be readily available to the borrower at time of loan application and closing. With credit insurance, the borrower knows that in the event of death or disability their family will be protected and their obligations met.
The creditor or financial institution that recognizes the value of credit insurance and provides its availability is rendering service to its loan borrowers.
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