Do you need balance protection insurance for your credit card?
Balance protection insurance offers the user the benefit of their minimum payments taken care of in the event of a critical illness, job loss, or disability. However, not all policies are created equal.
If you've applied for a credit card, chances are you've been asked about balance protection insurance. Balance protection insurance offers the cardholder the benefit of having their minimum payments or full balance paid (depending on the circumstance) in the event of critical illness, job loss, disability or death.
For those who already have adequate insurance, this may be an unnecessary product. However, for some, paying the premium is an attractive substitute for obtaining insurance elsewhere.
In this piece from the Globe and Mail, Preet Banerjee explores the features and benefits of this insurance product to answer the question: Do you need balance protection insurance? If so, now is the time to find out what your policy covers, and the cost of your premium.