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To avoid any confusion, we are not talking about credit card insurance but rather credit life insurance. Still, you are probably thinking what is credit life insurance? In a nutshell, it is a type of insurance often bought with cars and homes in which the insured pays a premium & in return the loan is repaid in full in the event of death. This means that if you purchase a home with a $500,000 mortgage & enroll in credit life insurance then you will be paying premiums in case you pass away to ensure the debt is fully repaid. At first glance, it may seem like a nice option, but in reality it is very costly. Moreover, in almost all circumstances a term life insurance policy is a better option than credit life insurance. .
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