Credit Life Insurance
As much as we don’t like to think about it, we need to start talking about what’ll happen to your family if you are gone tomorrow. Trust us, you’ll need a better plan than buying weekly lottery tickets.
Credit Life Insurance can offer the much-needed peace of mind for you and the financial protection and stability for your family. After a covered death occurs, Credit Life Insurance helps pay off the covered loan up to the policy maximum. Southwest Louisiana Credit Union even ups the ante by also offering Joint Life Insurance, which covers the co-borrower as well.
Did you know that:
73% of consumers had outstanding debt when they were reported as dead*.
Most consumers die with an average total balance of $61,554 of debt, including mortgage debt. Even without home loans, the average owed balance was $12,875.
41% of adults have no life insurance, and the average American only has life insurance through an employer, which is 1-to-2-times their salary with an average of $50,000 maximum.
If you are still working at the time of your untimely death, the loss of income for your family can be devastating. If you are retired and you and your spouse both worked, your loss of Social Security Benefits can be just as devastating.
*According to December 2016 data provided to Credit.com by Experian.
For more information on Credit Life Insurance or Joint Life Insurance, please talk to your Southwest Louisiana Credit Union Loan Officer or call 337-477-9190.