Guide To Credit Cards: Do You Need A Credit Card Payment Protection Insurance
By JB Anthony
If there is one permanence you can count on in life, it is the regular collection of debts. For everything else, there is uncertainty. As stable as your job might be, you never know when your company may be cutting costs and retrenching its employees. Or, as sturdy as your couch might be, you never know when you might roll over and fall on your hips by accident and be unable to work for the next six months. The point is, you never know when you may be unable to pay your debts. Thus, there is credit card payment protection insurance to offer you a certain level financial security in cases when you can no longer pay your credit card payments due to loss of your job, illness, disability or accidents.
There are many types of credit card payment protection insurance plans available for different consumer needs.
1. Credit Card Disability Insurance – In credit card disability insurance, the credit card insurance company will pay the minimum monthly payment requirement of your credit card bills for you on the basis of your disability and will continue to do so within the reasonable period that you remain disabled. Each credit card disability insurance company has their criteria on what passes as a disability for them to take on your credit card bills. It is best to check these credit card insurance companies’ list of disabilities. Most consumers choose their credit card protection insurance company based on the possible disability from their respective line of work.
2. Credit Property Insurance – Credit property insurance companies can pay for the reparation or the replacement of your credit card-purchased property for a certain amount, in cases when the said property becomes broken, destroyed in fire or in weather-related casualties, or if stolen or lost. Some big credit card companies offers this type of property insurance protection to their customers as an added benefit for their membership.
3. Credit Unemployment Insurance – Credit unemployment insurance offers to pay the minimum monthly credit payment of credit bills in events of being involuntarily laid off from work or fired from work for a certain period of time or until the customer becomes employed again. However, in order for the latter case to take effect, the credit insurance company must be able to establish that the customer is doing every effort to find another job.
4. Credit Life Insurance – In a credit life insurance, the credit insurance company pays for the debts in case the debtor dies. This is beneficial to heads of families with beneficiaries. Applying for a credit life insurance can protect your beneficiaries and families from being run after by creditors in case of death of the borrower.
If there is one permanence you can count on in life, it is the regular collection of debts. For everything else, there is uncertainty. As stable as your job might be, you never know when your company may be cutting costs and retrenching its employees. Or, as sturdy as your couch might be, you never know when you might roll over and fall on your hips by accident and be unable to work for the next six months. The point is, you never know when you may be unable to pay your debts. Thus, there is credit card payment protection insurance to offer you a certain level financial security in cases when you can no longer pay your credit card payments due to loss of your job, illness, disability or accidents.
There are many types of credit card payment protection insurance plans available for different consumer needs.
1. Credit Card Disability Insurance – In credit card disability insurance, the credit card insurance company will pay the minimum monthly payment requirement of your credit card bills for you on the basis of your disability and will continue to do so within the reasonable period that you remain disabled. Each credit card disability insurance company has their criteria on what passes as a disability for them to take on your credit card bills. It is best to check these credit card insurance companies’ list of disabilities. Most consumers choose their credit card protection insurance company based on the possible disability from their respective line of work.
2. Credit Property Insurance – Credit property insurance companies can pay for the reparation or the replacement of your credit card-purchased property for a certain amount, in cases when the said property becomes broken, destroyed in fire or in weather-related casualties, or if stolen or lost. Some big credit card companies offers this type of property insurance protection to their customers as an added benefit for their membership.
3. Credit Unemployment Insurance – Credit unemployment insurance offers to pay the minimum monthly credit payment of credit bills in events of being involuntarily laid off from work or fired from work for a certain period of time or until the customer becomes employed again. However, in order for the latter case to take effect, the credit insurance company must be able to establish that the customer is doing every effort to find another job.
4. Credit Life Insurance – In a credit life insurance, the credit insurance company pays for the debts in case the debtor dies. This is beneficial to heads of families with beneficiaries. Applying for a credit life insurance can protect your beneficiaries and families from being run after by creditors in case of death of the borrower.
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