We are investigating Credit Insurance Companies on behalf of consumers who have either purchased or leased an automobile or other big ticket item and purchased a Credit Insurance policy. If the policy is paid off early (or the item financed has been repossessed), premiums for the remaining term should be refunded to the policyholder.
If you paid off your loan or lease early and did not receive a refund, you may be entitled to a refund of the unused portion of your credit insurance premiums. If you are interested in learning more, please free to contact us. Also you can submit an information form by clicking here.
What is a Credit Insurance Policy?
Consumers typically buy a credit insurance policy to protect themselves in case they are unable to pay off a specific loan or line of credit due to death, disability, or unemployment. Credit insurance is an insurance policy that pays back some or all of the balance owed on the loan or debt should something happen to the borrower.
There are several types of credit insurance, including: (1) credit life insurance – covers the borrower’s debt in case of his/her death; (2) credit disability insurance – covers the borrower’s debt in case of a disability; and
(3) credit unemployment insurance – covers the borrower’s debt in case of unemployment.
These policies are usually sold through a bank, a store, or auto dealer at the time of a loan transaction. At the time of the transaction, consumers are sold a single premium policy. This means that the entire cost of the insurance policy is bundled into the buyer’s total loan.
If you are interested in learning more, please free to contact us. Also you can submit an information form by clicking here.