Do I get any Life Insurance (ADB) coverage when I get a Credit card?

Question

Do I get any Life Insurance (ADB) coverage like Accidental Death Benefit as part of the credit card.

Answer 1

I would not sign up for any insurance as part of having a credit card.

In general, any credit card insurance -- whether life, health or disability -- is very expensive coverage for the benefit that they provide to you. In fact, it's generally sold to you as a "no cost" item as long as you don't have a balance. However, as soon as you do have a balance, you will pay both insurance premium and interest on your card. And, you'll pay interest on the insurance premium if you don't pay that in full!

If you need life, health or disability insurance, get that coverage elsewhere. It will cost you less and you'll likely get a much better policy.

Answer 2

Credit insurance is commonly misunderstood and users often accept it because it "sounds" like it should be of value.

So, find out exactly what it costs, what it covers. and when and how it pays before you sign up. In its essence it is of value to a relatively small percentage of cardholders -- make sure it doesn't simply double coverage you have somewhere else (in insurance policies or through your workplace) or that it won't end up costing you more than it's worth (do some quick calculator work).

You can insure yourself against being unable to pay if you are disabled or lose your job. And you can cover yourself so that if you die your card debt (or most of it) can be paid off.

Credit insurance is usually offered as a mix of life, disability, and unemployment coverage. It is intended to cover your minimum monthly payment if you can't pay because of a job loss or disability and to pay off all, or most, of your balance if you die.

Ron @ InsureMe http://www.insureme.com/landing.aspx?Refby=614505&Type=life

Answer 3

Yes, if you opt for it, usually at a minimal cost. The purpose of this insurance is that it pays for you credit card debts in the event you are unable to do so. However, it is better to get a term life that covers you completely.

Answer 4

any life insurance that is part of a credit slave card is a ripp off on you.
that insurance covers you so they get their money back. you can get term life much better value and lower costs.
visit daveramsey.com to learn whayt the banks don't want you to know.

Answer 5

no they told me I was too old, 76 so I could not get insurance on my visa card, if I die and the card is only in my name can they come after my kids