I am always intrigued to read articles or posts that consist of 'top 5' or 'top 10' lists, especially if they involve the financial field. So when I came across this one I clicked right away! I was SOOO happy when I read option #2! These types of insurances are money grabbing SCAMS (and they are already getting you to pay crazy interest rates)! There are so many fine print regulations and the probability of winning a claim is so low that you are basically gambling for the benefit (what a waste of money). Plus, insurance can't be 'bought' it has to be applied for (red flag there!). If you are really interested in the type of insurance it provides, get it in a PERSONAL policy. Personal policies are formed to YOUR needs and wants. In addition, personal policies give YOU control (creditor insurance gives the lender full control, including cancelling at any time. Personal policies legally bind the insurance company (they cannot cancel on you) but YOU can cancel). Ahhh, the freedom of control.
A personal policy can be life insurance (term or permanent), disability insurance (to cover you if an injury occurs), critical illness insurance (when a life threatening illness enters your life) or long term care (when you cannot perform two activities of daily the insurance helps cover either a nursing home or at home care including nurses, cooking, cleaning etc).
I found the higher SPF an interesting concept!
A personal policy can be life insurance (term or permanent), disability insurance (to cover you if an injury occurs), critical illness insurance (when a life threatening illness enters your life) or long term care (when you cannot perform two activities of daily the insurance helps cover either a nursing home or at home care including nurses, cooking, cleaning etc).
I found the higher SPF an interesting concept!
Here's the link http://moneyland.time.com/2011/08/19/12-things-you-really-should-just-stop-buying/#all
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