Can I apply for life insurance coverage in excess of my outstanding authorized credit amount?
Yes. You can apply for life insurance coverage greater than your outstanding authorized credit amount, up to $300,000, in anticipation of further business borrowing. By doing this, you can avoid having to re-apply and re-qualify in the future. And since premiums are charged based on your outstanding insured balance, you only pay for the coverage you need.
Related Questions
- Credit life insurance is frequently recommended in conjunction with the taking out of an installment loan when purchasing expensive appliances or a new car, or for debt consolidation. Is credit life insurance a good buy?
- Can I apply for life insurance coverage in excess of my outstanding authorized credit amount?
- Why does Farm Credit offer life insurance coverage?
