They typically run .99 per 0 as well as the understanding (supposedly) is which if after 90 days of coverage, the cardholder croaks, which they credit label volume due is forgiven. In the box of aged people in not the most appropriate of illness as well as with vast credit label debt (00+) is this the great idea?
You’d fundamentally be profitable 0 the year as well as betting which you’re starting to be gripping the tall credit label change as well as which you’d be expected to croak comparatively soon.
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Comments: 5 comments
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doreen k
July 24th, 2009 at 10:17 pm
Most of those plans have age limits. So, it’s unlikely that they would be available to anyone older than 70 – btw what is your definition of "really old?" Just curious ’cause I’m over 50! LOL
In general, those credit card protection plans are ripoffs. It makes more financial sense to buy regular old term life insurance. Much less expensive, and it covers anything you want it to.
dels replies
July 24th, 2009 at 10:17 pm
Oh really old people shouldn’t have credit cards at all, No income to pay the dues . By that age you should be financially independent enough not to need one.
Kay
July 24th, 2009 at 10:17 pm
Wouldn’t it better if you add $42/mo to your monthly payment and try to get rid of the debt? You would feel better about yourself when God starts calling on you to join him.
Brian G
July 24th, 2009 at 10:17 pm
They’re not good for ANYONE.
The only guarantee with insurance, is that you pay your premium!
Karen B
July 24th, 2009 at 10:17 pm
First of all your thinking of payment protection – card protection covers the cards in events of loss, theft and fraudulent use.
Payment protection has a life cover which means the cardholder will have their bal paid off to a certain amount if they die, BUT most of the policies will have a clause, for example pre existing medical conditions wouldn’t be covered so it could be if they die from an existing condition they won’t pay out.
And they will only cover the credit card the policy is taken out against not other issuers cards
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