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www.rivervalleyloans247.com/Personal loan insurance isn’t an automatic scam, but there may be limitations to how helpful it actually is. At the end of the day, you need to perform a cost-benefit analysis to make sure the extra policy expense is worth the coverage you receive.
Rather than glossing over your plan, pay attention to the details on exclusions and the claims process to maximize your personal loan insurance when you really need it.
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www.rivervalleyloans247.com/According to Wisconsin’s Department of Financial Institutions, the credit life insurance premium on a $15,000 car loan with a four-year term at 9% costs $301. For credit disability insurance, the cost can climb higher. It found that alternative protections, like term life insurance have a lower premium than getting a credit insurance policy upon signing for a loan.
Whether or not your loan or credit is open like a credit card or closed like an installment loan can also play a role in the cost of credit insurance.
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