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Credit life insurance is generally a type of life insurance that may help repay a loan if you should die before the loan is fully repaid under the terms set out in the account agreement.
This is optional coverage. When purchased, the cost of the policy may be added to the principal amount of the loan. In some circ*mstances, lenders may be required to disclose certain terms and costs of obtaining the insurance. Some policies combine credit life and credit disability into one policy and may contain provisions for cancellation of the policy.
Last Reviewed:April 2021
Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on HelpWithMyBank.gov should not be construed as legal advice or a legal opinion of the OCC.
