Credit Life Insurance

2 topics · 3 sources

Banking

A type of life insurance that helps repay a loan if you should die before the loan is fully repaid. This is optional coverage.

The Office of the Comptroller of the Currency — Dictionary of Banking Terms and Phrases
Office of the Comptroller of the Currency, U.S. Department of the Treasury — Dictionary of Banking Terms and Phrases retrieved 2014-05-16

A type of insurance that pays off a specific amount of debt or a specified credit account if the borrower dies while the policy is in force.