Credit Life Insurance
J.T. Miller Company can protect your financial institution with credit life insurance.
Credit life insurance pays off the loan in the event of the death of the borrower. It not only protects a borrower’s dependents, but credit life will also benefit your financial institution. This is because a credit life insurance policy’s beneficiary is the creditor—not the insured’s family.
J.T. Miller Company’s policy adapts perfectly to your borrowers’ specific debt. Credit life is a convenient life insurance product that covers an outstanding debt and alleviates a great deal of the tension of managing one’s finances.
Features of a J.T. Miller Company credit life insurance plan:
- Pays lenders the outstanding capital on a short or long term debt (such as on a car or home).
- Includes occupation-based disablement coverage as well as dread disease coverage.
- Valid for the whole loan contract period or outstanding period or until a disablement, death or dread disease claim is made and paid out.
- Covers your borrowers immediately.
When purchased, the cost of credit life insurance is added to the principal amount of a loan. Lenders must disclose the terms and costs of obtaining the insurance because it can affect the terms of the loan. Some policies can combine credit life and credit disability.
For more information about credit life insurance or to schedule a consultation, please call our office or fill out the form on this page.