How Does Joint Credit Life Insurance Work?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Credit life insurance is not traditional life insurance that pays the beneficiary, who in turn pays lenders. Credit life insurance charges the borrower for credit insurance that will pay the loan off in the event of death of the borrower. The money goes directly to the lender. 

    Joint credit life insurance covers two insured persons, the borrower and co-signer. It will pay the loan off if either one or both insured persons passes.
    Answered on May 18, 2013
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