Term Life Insurance Quotes!

Loan creditor life insurance isn’t as good as individual insurance. Photo by tldagny

HSBC offers personal loan creditor life and disability insurance. The premiums on these policies are included in the monthly loan payment.  However, if the loan is repaid sooner than expected, HSBC will refund the excess premium payment.

The personal loan life insurance pays the HSBC loan balance in full to a maximum of 100,000 should the insured pass away. The personal loan disability insurance pays up to $2,000 a month for a maximum of 60 months with a 30-day waiting period should the insured qualify under the terms of the disability coverage.

 Yet, one of the downsides with creditor life and disability insurance balanced against individual life and disability insurance is that the coverage is tied to the loan. With an individual life insurance policy, the coverage can combine all the insured’s needs – loans, lines of credit or any mortgages – into one policy. The same thing can be done with an individual disability insurance program.

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