This is just an idea, here it goes. It seems to me that most people who renig on their credit obligations do so because they've fallen on hard times...illness, divorce, job loss, etc. And the credit insurance plans currently available don't even make full, on -time payments when this happens. So I'm thinking there needs to be another type of *insurance* plan in case this happens. My idea is to get several family members & good friends to participate in a self-insured credit protection plan. Members would contribute monthly payments to the plan, then when a family member had hard times he/she could withdraw money from the *pool* of family funds. I think this might work for some people but certainly not for everyone. It's just an idea. But we do need some kind of protection...better than what's currently out there...in cases of illness, job loss, and so forth. Does anyone have any suggestions or know of a good credit protection plan out there? I just think the ones offerred by the credit card companies are useless to say the least. I've heard too many horror stories of people paying for coverage then not getting it when they need it. Calmest_LA
If anyone on this board has trouble getting it when they need it, contact me. Precautions to take when purchasing the credit insurance: READ the contract. What does it really cover? What does it not cover? Crucial to this point is the state exceptions. For example, I don't buy it if it won't cover family leave in VA, because one of my main needs is one that covers family leave. These insurance companies are regulated by your state insurance department just like any other insurance company, and you can enforce the contract by filing a complaint with your state's insurance department. I even have instructions on how to do that in a little file on my computer titled "if anything happens to me." It has it's own desktop icon that I keep in the middle of the screen, so it can't be missed. It tells all about what accounts I have, which ones have insurance, what other insurance I have, how to file a claim, and how to enforce the contracts should an insurance company deny the claim. What if I were in an auto accident and had a head injury and were unconscious? My family would have to handle my affairs. This is their guide. Many of you will think this is morbid, but I have been an agent too long and seen too many things.
The best contract is offered by American Security Group (ASG), but I don't know if you can get it when it isn't offered by your card company. I can check though.
I see someone else is using that name on the web, and the company's website is listed under "Assurant Group" is doesn't appear that you can purchase their policy online. They are now owned by Fortis the biggest disability insurance company.
