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Credit Life & Disability Insurance
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What is credit insurance?
Credit Life & Disability Insurance
Banks often pressure borrowers to obtain this insurance
for one reason. It's highly profitable for them, since
they are paid as much as 50% of the policy amount as
income from the insurance company for writing the policy. Loan officers are frequently paid a percentage
of the profit of the policy as incentives.
You can buy more coverage for less money from an
insurance company if you really want the insurance.
Your bank cannot force you to take insurance coverage
as a requirement for making you a loan.
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