I think that anyone who takes any form of insurance should be automatically given a credit insurance too. For example, if you insured yourself against the risk of fire and the fire occurs. So the fire makes so much damage that it might take you like forever to recover the things you lost then a credit insurance should be able to help you pay debts you cannot pay because of the insured risk that occured. On the other hand, the fire insurance policy will help you get back to the financial position you were in before the risk insured against occured. I think credit insurance should not be something you ask for. It should be something you automatically get as long as you have an insurance of any form. What is your opinion on this matter?
It's common business sense for insurance companies to not grant insurance cover for something that's not been paid for by a client, so yeah, credit insurance may be granted automatically but it will definitely not be granted for free. You can be sure that the benefit will jack up insurance costs and discourage more people from getting insured. In the first place, not all people have loans to worry about and not all people who have loans will want to pay more for credit insurance.
It would be nice for us the ones who are being insured, but for the insurance companies it would mean they are losing money. They get more money by having these separate policies. Many people can't afford the extra insurance policies so when something happens that they can't pay their bills, they have to make other arrangements with the creditors. It is sad because this sets people back for a long time sometimes.
You are both right. I had not think about the costs initially but it totally makes sense now. I guess everything is better just the way they are now and I would support my post only if the credit insurance costs were being catered for by the government on behalf of the people. This might not happen but I understand why it is impossible now. Thanks to both your opinions. @morgoodie @Jamille
