CREDIT LIFE POLICY CHECKLIST
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If you’re considering credit life insurance, be sure to:
* Look at the size of your proposed loan and determine what your family needs to live on should something happen to you. Will loan payments strap them financially?
* How dependent is your family on you as breadwinner? If there is no other source of income, how will they make loan payments?
* If you have an adequate life insurance (more than $100,000), will it will be enough to handle loan payments, besides your other debts? Consider your children in college or family members with health problems.
* Before purchasing an expensive item, research what various insurers charge for credit life policies. Consult your insurance agent. Rates vary greatly.
* Before signing any loan or insurance agreement, read it carefully.
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