What are creditor group life and disability insurance products?
• Decreasing Term Life Insurance purchased in conjunction with a consumer credit transaction (loan, lease, mortgage) — provides a death benefit to pay off all or part of the credit obligation in the event of an insured’s death during the term of the coverage. Decreasing term life ensures that your family estate is left with an asset not a liability. • For a lease contract, or for a contract with a balloon/residual component, add residual Life Insurance for complete coverage.
