What Is Credit Life Insurance?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Credit life insurance is life insurance sold by the credit card company to cover their loss if the borrower passed away. The payment would go directly to the lender in the amount that was still owed on the credit card. Contrast this with regular life insurance, which you would leave to a beneficiary who could use it to pay bills in order of importance, and if there was some left over, use it for themselves or other causes you believe in.
    Answered on September 19, 2013
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