• Credit life insurance pays off your loan if you die. It's an affordable way to make sure your loved ones won't be saddled with a debt. You may be getting insurance coverage from an employer, but that may not be enough. Experts recommend carrying an amount of life insurance equal to 5-7 times annual salary.
• Credit disability insurance is designed to make loan payments if you become disabled. This helps protect your credit rating. Most disability insurance plans replace at most 2/3 of a worker's earning. Without additional resources, getting by on a reduced income could be a real challenge.

The cost of credit insurance is determined only by the size of your loan. For convenience, your premiums are included in your loan payments. If you want loan protection, you typically won't have to go through a long approval process or take a medical exam. Your insurance will become effective as soon as your loan is finalized.

If you initially decide not to enroll in the loan protection program and change your mind, you can enroll within 30 days of your loan effective date. Once your loan has been in place for 30 days, you'll have to provide evidence of good health in order to receive coverage. When you apply for loan protection insurance, you'll have 30 days to review your plan and make sure it lives up to your expectations. If you decide you don't want the coverage, you can cancel it without obligation.

To file a credit life or credit disability insurance claim, call (800) 477-4018.

Loan protection insurance is underwritten by Life Investors Insurance Company. Credit life insurance does not cover suicide that occurs within one year of enrolling in the plan. Also, in some states, credit life insurance does not cover pre-existing medical conditions.* Credit Disability insurance benefits are not provided if illness or injury are the result of self inflicted injuries, normal pregnancy, war-related injury or illness, or medical conditions for which the insured debtor received or had medical treatment, advice, or diagnostic tests either for that same condition or a related condition within effective date of his or her insurance under this policy. However, total disability resulting from any such condition or related condition will not be excluded if total disability commences six months or more after the effective date of the insured debtor's coverage under this policy.*

*Note: Some exclusions are not in force in every state or may vary due to state specific requirements. Check your policy or certificates for details.