Credit Life Insurance
GA Thank you for your reply. The GA Insurance Regulators Office said the underwriting for credit life insurance is not regulated by Georgia Law. I do not believe this to be the case. I have read that credit life insurers basically do as they please because the laws of the State are not enforced.
The policy I applied for was a Group Policy offered by a major lender through an insurer in conection with the mortgage loans they underwrite. The premiums quoted are very high from what I understand because the insurer is required to pay out a minimum percent on their reserves, making this a very profitable business for an insurer.
This is why from what I understand, credit life insurance is required by most States to be guarenteed issue (as it is when you purchase credit life for credit card balances).
Is there any other source I can go to to look into this. Thank you again.
