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Advantages of Creditor Insurance

Overview of desk with laptop that has insurance lettering on its screen

Creditor insurance provides coverage to protect those who matter most to you in the event of the unthinkable. This protection ensures your family won’t have to make debt payments if you’re unable. From ensuring this burden isn’t put on your loved ones, to shielding you from the unknown to granting yourself some peace of mind, creditor insurance can be a great asset on your next financed vehicle purchase. Read on and learn more about what creditor insurance is, how it can benefit you and your family, and how we at Southside Dodge can assist.

What is Creditor Insurance?

Creditor insurance is available protection that you can receive to help cover your debts should something happen to you, such as death, disability or a job loss where you would be unable to pay your debts as you once had. This credit insurance can then pay off these debts in your place by making payments to the lender. While this coverage is not necessitated, it comes with a great many benefits for both your peace of mind and your family’s well-being.

Benefits of Creditor Insurance

Man with head in his hands with financial statements below him

Prevents Putting a Burden on Others

Creditor insurance’s prime goal is to protect those that you love most should you not be able to pay off your debt like you once were. Without creditor insurance your family may be stuck with having to pay off the debt that you previously had. Effectively acting as a safety net, it not only ensures your debts will still be paid, but that your family won’t suffer any further burdens if the unexpected happens.

Protect Against the Unknown

There are few certainties in life, but what you can be certain of is that you never know what life may throw your way. Whether it’s on a global level or a more personal manner, being prepared and ready for the unknown is always a positive in today’s world. There are many different types of creditor insurance: from death to disability to unemployment to property, all available to protect in the event of any of these hardships.

Peace of Mind

Peace of mind is worth a lot in our world today, something that’s impossible to attach a monetary value to. Knowing that your family will avoid any financial hardships and that they’re covered should anything happen to you can go a long way in granting you peace in day-to-day life. Creditor insurance also acts as a go-between option if you’re not able to get general life insurance, ensuring you don’t have to worry about how your debts may be paid without your abilities.

How Southside Dodge Can Help You and Your Credit

A large purchase like a car, truck or SUV can come with a variety of financing options. Here at Southside Dodge Chrysler Jeep Ram, our experienced finance team will work with you every step of the way to build a plan around your needs. If creditor insurance is of interest to you, we’re more than happy to educate you further and put you on the right path to providing comprehensive coverage for yourself, and your family. For any questions about our finance process or creditor insurance for your next vehicle purchase in Red Deer, don’t hesitate to contact us!

Read some more finance-related blogs here, with some of these highlights:

Why Buy a Warranty for Your Vehicle?

Rebuilding Your Credit with an Auto Loan

Why 2021 is the Best Year to Trade in Your Vehicle

What Happens to Your Warranty When You Trade-in