Credit Balance Insurance

Tips Before Applying for Credit Balance Insurance

Before signing up for credit balance insurance, make sure you understand the cost, the age required to qualify for benefits and the maximum amount that the insurance company will pay. Also, ask your credit card issuer (or check your insurance agreement within 30 days of obtaining coverage) to find out:

• how the premium is calculated;
  
  
• what the insurance covers;
  
  
• what the conditions are for obtaining benefits;
  
  
• what illnesses or disabilities are covered by the insurance;
  
  
• whether or not your spouse or the supplementary cardholder is covered;
  
  
• when and how benefits are paid; and
  
  
• what the maximum period of time is for which benefits are paid