Credit life and credit disability is in place to insure that a product will be paid for in the event of the purchasers premature death or becoming disabled. The beneficiary is usually the seller of the product involved. Depending on the size of the purchase credit life or disability may be a good idea, however often you can purchase an individual policy on your own that will protect you and pay you instead of the seller.
What is it??? A RIP OFF... usually. If you trigger a benefit, the payout goes to the "lender"... NOT your family. Don't get in the position to where you have to ask if it's good or not... BUY disability & life insurance NOW... You will die one day.. Yet along the way you are most likely to suffer a disability or critical illness that puts you out of work for months, or years, before you pass away form the situation. If you pass away at all form it. If you have a tight budget, there are plans available in many states that are a Life/Disability/Critical Illness "All in one Policy". It is most often better to have standalone plans (better benefits for disability & critical), yet the all helps cover all your bases to SOME LEVEL...
I remember when I played High School basket ball & the very first Air Jordan's came out. EVERY KID wanted them. Yet my family couldn't afford them. Did I give up, quit the team, all because I didn't have "Air Jordan's"... NO. My parents bought "something"... & I STILLWAS A STARTING FORWARD my senior year. Point is... when you need insurance, get something even if what you WANT isn't within reach.
Only buy Credit "whatever" if you have no other means of securing standalone individual life/disability/critical insurance.
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I remember when I played High School basket ball & the very first Air Jordan's came out. EVERY KID wanted them. Yet my family couldn't afford them. Did I give up, quit the team, all because I didn't have "Air Jordan's"... NO. My parents bought "something"... & I STILLWAS A STARTING FORWARD my senior year. Point is... when you need insurance, get something even if what you WANT isn't within reach.
Only buy Credit "whatever" if you have no other means of securing standalone individual life/disability/critical insurance.
-gravy