Insurance Guides And Tips

Be sure you qualify.

• There are many terms and exclusions associated with credit insurance policies. Learn what they mean and how they apply to you.
• Call the insurance company directly (NOT the bank that sold you the coverage) for clarification about pre-existing medical conditions.
• Call your doctor to clarify details of any pre-existing medical conditions you may be concerned about.

• You usually have 10-30 days to review your policy after the initial purchase (this is known as a "cool-down" or "free look" period).
• If you have already purchased your credit insurance you can cancel anytime. Keep in mind, however, that you may lose premiums already paid.

• Consider buying from a licensed insurance broker who will explore any medical issues upfront.
• Consider buying or topping up an individual life insurance policy to cover your mortgage.

• You may already have adequate insurance coverage through your work or other policies. Insurance experts say it's better to buy one traditional insurance policy than purchase a number of small policies for a variety of products.

• The purpose of credit life mortgage insurance is to protect your loved ones from making mortgage payments if something were to happen to you. This type of insurance may not be applicable if you do not have any dependents who would need to keep your home if something happened.