Credit insurance is a popular new financial insurance product that can cover various missed payments and ensures that your loan or credit card can be paid off in the event that you face disability, unemployment, death, loss of property or destruction of assets. As there are various types of insurance that can cover financial difficulties, the latest in credit insurance is to make sure that your payments can be covered when you are unable to meet minimums.
Missing a minimum payment or a bill payment can end up costing you for accessing future financial products as well as the future of your finances. Even though credit insurance may seem like an outrageous expense on a monthly basis, it often eliminates financial difficulty that could be even more costly later on. Here are some of the main types of credit insurance.
Credit Unemployment Insurance
If you’re unwillingly unemployed or laid off due to unforeseen circumstances, this will provide coverage for payment on your credit card and some debts depending on the policy that you have.
Credit Life Insurance
Simple credit life insurance will pay off your remaining loan balance if you passed away unexpectedly.
Credit Disability Insurance
This will cover payments if you are ever too sick or hurt to work this is also called accident health insurance.
Credit Property Insurance
This will protect your property and personal assets in the event that you’re unable to repay a loan. If your assets are ever damaged or stolen, this type of insurance can also cover your repayment.
Trade Credit
This type of service will help to cover a business that sells services of or products on credit. When a customer doesn’t pay or when there is a charge back from the credit card company, the business will not be held liable if they have this type of insurance policy.
Contact us today if you’re interested in learning more about the latest in credit insurance products.
This post was written by Kristian D’An, owner of Lux Credit LLC and CCA board certified credit repair specialist. Lux Credit offers credit repair services for those looking to improve their credit!
