Loans and mortgages – Pass on expensive loan insurance

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Insurance is for people, not for loans. Just say “no” to anyone who offers you Credit Disability Insurance.

An individual Credit Disability Insurance policy covers your monthly loan payment if you ever become disable and can’t make the payment yourself. Typically, the policy pays the minimum amount due up to 36 months.

With costs near $21 for every $1,000 of coverage, these policies are not worth the expense. If you already have some type of disability insurance, make sure it covers loan payment along with the rest of your expenses.



All the best,



Timben