Life insurance while taking a loan

Posted: August 15th, 2013 | Author: | Money

Many times you can find a situation where a bank requires contracting a larger loan, and especially if the loan is on the long-term payment, it also demands a life insurance from the customer. Even if it is not required, we can often get more beneficial credit. Many people consider this as an additional cost of credit, but it is actually just a ball and a chain?

Not really. Long-term loans are usually taken by young people who think they will not face death in the near future. Unfortunately, however, although it sounds very grim, man is extremely fragile and many things can happen to him. In case of an accident, which of course I do not want anyone to happen, a family is not only without that person, but often without the possibility to cover the cost of such a loan taken out by the deceased. In this case, if the insurance covers the specific case and the amount of its scope, the loan is repaid by the insurer, or at least enough to get the insurance amount to allow the repayment of debt. It is worth protecting our loved ones, because although we can rarely hear about it, even the person who is 20 years old may die of a heart attack, a disease, or simply to have an accident.

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