Personal Finance

TD credit protection on line of credit

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  • Jul 28th, 2012 1:17 pm
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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 7:24 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 9:58 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.
Yes, Here's to the few
Who forgive what you do
And the fewer who don't even care.
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dougboswell wrote:
Jul 27th, 2012 7:34 pm
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.
Do you also believe mortgage life insurace is good?

Any sort of creditor protection insurance is designed for the sole benefit of the lender/institute. If you need family coverage, buy "real" insurance. This goes for Life, Critical illness and disability coverage.

Creditor protection is not only incredibly sub par in so many ways, but expensive as heck compared to independent coverage.
Certified Financial Planner (CFP)

"Our goals can only be reached through a vehicle of a plan in which we fervently believe, and upon which we must vigorously act. There is no other route to success...."
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hoob wrote:
Jul 28th, 2012 4:02 pm
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.
great post
Certified Financial Planner (CFP)

"Our goals can only be reached through a vehicle of a plan in which we fervently believe, and upon which we must vigorously act. There is no other route to success...."
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