Personal Finance

TD credit protection on line of credit

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  • Jul 28th, 2012 12:02 pm
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[OP]
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Dec 22, 2008
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TD credit protection on line of credit

I signed up for 30k line of credit (for future use) and the rep also signed me up for credit protection pending answers to health questionnaire. Do I need critical illness and life insurance on a personal line of credit?
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Jul 11, 2010
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If you are planning on using all $30K some day and have a wife or family it is something you may want to consider in case something happens to you. It is something that you alone can decide on.
Doug Boswell
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The way they aggressively upsell the insurance should tell you something.
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lloyd_christmas wrote:
Jul 27th, 2012 3:24 pm
I signed up for 30k line of credit (for future use) and the rep also signed me up for credit protection pending answers to health questionnaire. Do I need critical illness and life insurance on a personal line of credit?
NO and This. :arrowd:

bluenote wrote:
Jul 27th, 2012 4:03 pm
The way they aggressively upsell the insurance should tell you something.
"Internet is serious business" HeeHeeHee.
Losers/trolls waste time posting this "I don't feel like wasting time researching nonsense and trying to disprove the collective theories of a group of people that do not have, or deserve, even the tiniest shred of credibility. I'd rather amuse myself."
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lloyd_christmas wrote:
Jul 27th, 2012 3:24 pm
I signed up for 30k line of credit (for future use) and the rep also signed me up for credit protection pending answers to health questionnaire. Do I need critical illness and life insurance on a personal line of credit?
Are you borrowing for consumption purposes? Do you have enough assets to cover your debt in case if you're ill or dead? Do you have relatives that may end up receiving your debt?

Yes, no, no: cancel it.
No, no, no: cancel it.

Yes, no, yes: keep it.
No, no, yes: keep it.

Yes, yes, no: cancel it.
No, yes, no: cancel it.

Yes, yes, yes: cancel it.
No, yes, yes: cancel it.

That's my rational.
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ynchu wrote:
Jul 27th, 2012 5:58 pm
Are you borrowing for consumption purposes? Do you have enough assets to cover your debt in case if you're ill or dead? Do you have relatives that may end up receiving your debt?
My view is even simpler.

Do you have dependents or other responsibilities that must be met in the event of your critical illness or death?

Yes -- Skip this insurance, since you already have "real" life and critical illness insurance that covers those responsibilities, right?
No -- Skip this insurance, since who cares as you don't need any insurance
I'm not sure what you mean -- Skip this insurance, and talk to a real insurance provider to understand what is needed for your situation.

Death, critical illness, and unemployment insurances on mortgages, lines of credit, and credit cards are some of the biggest money makers for financial instutitions since they are balls useless for the consumer and essentially a useless insurance product. bluenote's post number 3 is testament to that.
I've got a pretty good friend who's seen me at my worst.
He don't care if I'm a blessing or a curse,
But he always shows up when the chips are down.
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