credit life insurance:
A type of insurance, often bought by mortgagors, in which the amount of the policy matches the loan balance at any given time; designed so that the loan will be paid off in full in the event of death. http://www.investorwords.com/1204/credit_life...
Credit Life Insurance
Credit life insurance is a simple and inexpensive way to protect your family's finances. Here's how it works:
The monthly cost is only $.60 per $1,000 of insurance on your unpaid loan balance for single credit life insurance, and $.99 per $1,000 of insurance on your unpaid loan balance for joint credit life insurance.
The premium is added to your loan balance each month.
Up to $75,000 coverage per loan is available.
Your insured loans are covered if you should die before the loan is paid in full. http://www.gncu.org/CreditLife.html
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