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Credit Card and Insurance
Posted in Finance
October 23, 2011
Credit card and insurance are two very important financial
services in modern sociaty. In a world that is built on the
basis of credit, credit cards is a part of daily life for most
ordinary people. Insurance, on the other hand, is something to
protect you from uncertainty which may happen unexpectedly to
anybody. The idea of insuring the future is now accepted by more
and more people. Insurance and credit cards go hand in hand in
many ways.
Coverage for certain insurance policies are sometimes provided
as benefit by credit cards issuers at no extra charge. For
example, Chase i-card provides the following insurance coverage:
$500,000 Worldwide Automatic Travel Accident Insurance
coverage
Purchase Protection - an insurance program that covers
purchases against damage or theft for 90 days from purchase date
Auto insurance and travel insurance are usually such benefit for
cardholders.
For an additional premium, insurance protection plans are also
available for cardholders to protect an outstanding balance on
the cards. Usually, the insurance policy will cover the
following:
Critical Illnes Protection: For a primary or spousal
cardholder under 65 years of age and were to be diagnosed with
certain critical illnesses, such as Cancer, Heart Attack or
Stroke, the insurance policy would pay in full the balance owing
on the insured account up to a maximum.
Disablitily Protection: For primary cardholders under 65
years of age who become temporarily disabled as a direct result
of an illness or accident, this insurance policy will make the
minimum monthly payments with certain limitation.
Accidental Death Protection: For primary or spousal
cardholders over 65 years of age and were to lose their life as
a direct result of an accident, the full outstanding balance (to
a maximum limitation) will be paid in full by the insurance
plan.
Job Loss Protection: For a primary cardholder under 65 years
of age and he or she becomes involuntarily unemployed, the
insurance policy will cover the minimum monthly payments based
on the balance to a certain limitation until the cardholder is
working again, or until your balance is reduced to zero.
Dismemberment Protection: For a primary or spousal
cardholder who were to lose the sight in both eyes or lose a
limb as a direct result of an accident, the insurance policy
will pay the outstanding balance up to a maximum.
Strike Protection: For a primary cardholder under 65 years
of age who become unemployed due to a strike or lockout, the
insurance policy will make the minimum monthly payments up to a
limitation until the insured resume working or the balance is
reduced to zero.
Loss of Life Protection: This insurance policy will pay the
full balance on the credit card account to a certain maximum if
the primary or spousal cardholder under 65 years of age lose
their life.
Insurance for credit cards is a service that is getting hotter.
However, usually this service is provided by the card issuer.
The cardholder is notified normally by mail along with their
monthly bill or at the time when they get the cards. There are
growing concerns about fraud within unsolicited credit card
insurance marketing activities. Some thieves use this as a way
to steal your personal confidential information. As a rule of
thumb, never give your confidential information over phone!
The above information is informational only. For accurate
insurance policy, please contact your card issuers or local
insurance agents before you take out any insurance policy.
If you are interested in Life Insurance, Auto Insurance, Health Insurance, Home Insurance, or other Specialty insurance, visit angelinsuredeal.com to get
a free
insurance quote.
About the author:
Editor of http://www.angelinsuredeal.com
Author: Alex Wu