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Did you take out a loan for a car, truck, motorcycle, furniture, appliances, or other personal item? Did you buy credit insurance and then pay off your loan early?
You may be entitled to a refund.
Many consumers buy credit insurance to protect themselves in case they are unable to pay off a specific loan or line of credit due to death, disability, or unemployment. Credit insurance is an insurance policy that pays back some or all of the balance owed on the loan or debt, should something happen to the borrower.
There are several types of credit insurance, including:
- Credit life insurance, which covers the borrower’s debt in case of his other death.
- Credit disability insurance, which covers the borrower’s debt in case of a disability.
- Credit unemployment insurance, which covers the borrower’s debt in case of unemployment.
These policies are usually sold through a bank, store, or an auto dealer at the time of a loan transaction. At the time of the transaction, consumers are sold a single premium policy. This means that the entire cost of the insurance policy is bundled into the buyer’s total loan.
If the debt is paid off early, premiums for the remaining term should be refunded to the policyholder.
If you paid off your loan early and did not receive a refund on your credit insurance policy, you may be entitled to a refund. Fill out the form on this page or call Sokolove Law today at 877-490-6522 for a free case evaluation.