Life and Disability Insurance
Credit Disability Insurance
This type of insurance provides coverage for your debt obligation especially when you are a salaried individual with a set monthly income. If you don’t own a large business or have regular income coming in from rental properties, then you’ll definitely want to consider purchasing life and disability insurance when you take out a loan for your new or used vehicle.
For example, let’s say you lose your job or perhaps something happens to you where you are unable to work for a certain period of time and consequently you’re unable to produce any sort of income. And all of the sudden your car’s payments go into arrears because you’re unable to make your scheduled payments. Hence, due to these unforeseen circumstances, you’re no longer able to meet the contractual agreement of your vehicle’s loan. In a situation like this, the bank or lending institution would send you a notice saying that you are in default and they are going to start the repossession process.
Now if you have credit life and disability insurance, you’d be able to file a claim whereby you’d seek assistance from the insurance company to help you honor your original contract with the bank (i.e. the insurance company will assist you in making your monthly payments until you can get back on your feet and/or land another source of employment.
Life Disability Insurance
In the untimely event of your death, this insurance policy will pay off your vehicle’s loan balance so your spouse won’t have to shoulder the burden of making the payments all alone.
Of course, whether purchasing credit life insurance makes sense for you depends on your overall physical health as well as the state of your finances.
For someone who’s in poor health and doesn’t have traditional life insurance, the credit life insurance option makes total sense as the policy can shield your spouse from the fallout of making vehicle payments after you’ve passed.
Keep in mind that this policy can be included in your vehicle’s loan so you could be paying pennies (or perhaps nickels) a day for this type of coverage. Providing this level of security for your spouse or partner makes all the sense in the world.
Please inquire with our Finance Department about the cost for these packages.
Contact
- Phone: 866-735-5200
- Email: Chevyfi@RundeAutoGroup.com
- Web: www.RundeAutoGroup.com
Finance Department Hours
Mon: 8:00am – 7:00pm
Tue: 8:00am – 7:00pm
Wed: 8:00am – 7:00pm
Thu: 8:00am – 7:00pm
Fri: 8:00am – 7:00pm
Sat: 9:00am – 3:00pm
Sun: Closed
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