Do I Really Need Credit Insurance?

What is Credit Insurance?

Credit insurance protects you and your loan if you become unable to make payments due to an unforeseen circumstance. There are five primary types of credit insurance available at Citizens Savings & Loan that will pay all or part of your loan in these circumstances:

  • Credit Life Insurance: Pays off a loan in the event of the borrower’s death
  • Accident & Health (Disability) Insurance: Makes monthly loan payments if the borrower is disabled due to an accident or health issues and unable to earn income
  • Involuntary Unemployment Insurance (IUI): Makes monthly loan payments if the borrower becomes unemployed against his/her will, but not due to an accident or health concerns
  • Credit Personal Property Dual Interest Insurance: Covers the loss of or damage to property claimed as collateral for a loan, not including vehicles
  • Vehicle Single Interest Insurance (VSI): Covers the loss of or damage to vehicles claimed as collateral for a loan

Why do I need Credit Insurance?

Life is unpredictable. Tragedy often strikes at the most inopportune moments. When a borrower becomes unable to make payments, the burden of debt is often shifted to the borrower’s family. Credit insurance is a tool to protect ourselves and those close to us from forces outside of our control.

When the time comes that you need credit insurance, you will either be very glad for purchasing it, or deeply regretful for failing to protect your loan. If you are planning on taking out a loan, consider credit insurance for safety and peace of mind.

What is my next step?

If you’re planning on taking out a loan and would like to protect it with credit insurance, Citizens Savings & Loan is here to help. For over than 100 years, Citizens has been helping people grow through many types of loans at competitive rates. We are professionals in credit insurance and will help you protect your future with our services.


If you would like to learn more about the process of obtaining a personal loan from Citizens, or if you would like to learn more about other types of loans we provide, we encourage you to contact us today or stop by any of our convenient locations. You can also get the process of applying for a loan started now, simply fill out our online application form and a friendly Citizens representative will contact you!