• face value
  • The face value of a credit life insurance policy decreases proportionately with an outstanding loan amount as the loan is paid off over time until both reach zero value. (investopedia.com)
  • policy
  • Credit life insurance is a life insurance policy designed to pay off a borrower's debt if that borrower dies. (investopedia.com)
  • Finding the right life insurance policy - if you need one at all - can be more challenging than it seems. (investopedia.com)
  • important
  • therefore, it is important to read the fine print of any loan agreement to determine whether credit life insurance is required. (investopedia.com)