What is Credit Insurance?
So now let’s understand what credit insurance is. It is a certain type of insurance policy that is bought by the borrower that allows him to pay off his debts, disability, and in some rare cases unemployment.
This form of insurance is mostly marketed as a credit card feature and has a monthly cost that charges a low percentage of the card’s unpaid balance.
How Does Credit Insurance Work?
In certain catastrophes, credit insurance can be a lifesaver for you financially. However, that is quite rare as most credit insurance policies overcharge relative to the benefits they give.
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