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Chances are, when you apply for a credit card you will be asked whether you want to enroll in additional life and disability insurance. whether you don’t choose to enroll, rest assured the credit card company will signal you a few months down the road and try to get you again.
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You will be told that in case of death, critical illness or disability, your credit card payments will be taken care of, relieving you and your family of an additional burden. All you need to do is pay a positive percentage of your monthly balance as an insurance fee.
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What you’re not told is that in such an unlucky event, your policy would only cover your minimum payments – typically 4% of your balance, not your whole debt. You better believe interest will continue to accrue on the remainder of your balance. whether you are able to return to work later, you will still be responsible for the remainder of the balance, on top of the medical bills you recently incurred. Essentially the financial institution is asking you to pay premiums on a policy that protects itself. You as the credit card (or loan, or mortgage) holder are not the beneficiary. Other than peace of mind, you don’t gain anything from such insurance.
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It is the

standard policy of many banks to include that type of coverage in personal loans. Most borrowers are not aware of that and unwittingly sign up. whether that’s not poor suitable, the bank receives up to 40% commission on reselling you that insurance policy simply for signing you up. You’re better off going directly to an insurance company and springing for a whole life policy that will benefit your family, cover all your debts, not just one and will cost you less money.
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Credit lenders are aggressive with these offers, and when you initially refuse, often push you into a free introductory period. Don’t take the bait. These policies are notoriously difficult to cancel – you have to deal with the insurance company itself, so your bank’s customer service office won’t be able to help you. And it can be rigid to even find contact knowledge for the insurer.
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Be careful to read the terms and conditions on credit card and other loan agreements before signing anything, and produce certain your banker explains your agreement fully. When pushed to accept additional insurance, remember to just say “no.”
<br><br>that essay has been provided by Creditor Web. At CreditorWeb.com you can compare by 100 credit cards from multiple banks and apply for <a href="http://www.creditorweb.com/">credit cards</a> online.

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