Credit Life Insurance: You Don't Need It!!!

So you might say.. why you dont need it ?!
Here are few points -

• Credit life insurance costs more than regular life insurance for the same type of coverage.
• The lender is the beneficiary, not your family.
• Credit life insurance is not required for taking out a loan, and if a salesman tries to imply that it is, go somewhere else or report him or her to the authorities.

.. Also would like to add another point .. the benefits are kind of decreasing, i.e. it decreases as your outstanding loan amount decreases.

Best option according to me is to buy a "Term" insurance and make your spouse/family the beneficiary...so what are we achieving here ? Great coverage, Low Premium and your loved one's as the beneficiary... Think over it.

Read on: Credit Life Insurance: You Don't Need It
Source: www.thestreet.com