How to Claim Credit Life Insurance

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When it comes to credit life insurance, this is typically only done when it's in terms of a mortgage. Claim credit life insurance with help from an expert at Combs & Company in this free video clip.

Part of the Video Series: Insurance Questions Answered
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Video Transcript

Hi, my name is Susan Combs, and today we're going to talk about how to claim credit life insurance. When it comes to credit life insurance, this is typically only done when it's in terms of a mortgage. So for example, if you have a mortgage on a house, a lot of times there will be a requirement to have life insurance. So that if the borrower dies before they have paid off the mortgage, then the home will be paid up immediately. So the main thing to do is if somebody that owns a house has died and they have a credit life insurance policy, then you are going to need to put in a claim. So usually they are going to require you to have all the policy information as well as a copy of the death certificate. So then you are going to have that money from the life insurance policy pay the mortgage company back first and if there is a balance on that life insurance policy then that will go to the other beneficiaries. So the main thing to do is to understand how the policy works, know what the face value is, make sure that you have a face value that's going to be large enough to cover that mortgage so that your loved ones aren't burdened with a mortgage payment after you are gone.

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