No, its not necessary. However, it would probably be a good idea to have some life insurance regardless.
One can get a loan for life insurance from a few locations. There are a few banks that will allow you to take out a loan using your life insurance payout as collateral.
yes i can get loan agenst my life jnsurance
No. It is a loan, not income.
Mortgage, Automobile loan, student load, insurance
there are a couple of credit based companies that will give a private student loan to creditworthy student and a co-borrower such as a parent if necessary. You can use the loan for tuition, books, transportation, housing, and any other related expenses that you'd have as a student.
Decreasing term life insurance usually purchased to cover a mortgage loan for whatever the loan period is. This type of coverage is not available by most life insurance companies.
Loan insurance protects you in event of something happening. If you die, your relatives are not responsible for making loan payment. I highly suggest loan insurance to everyone who wishes to take out a loan.
The eligibility for student loans is mostly based on financial need. Student loans generally have low interest rates. To get a student loan you must first complete the FAFSA form.
There are many companies which offer home loan insurance. These include the ICICI Bank, HDFC Life and SBI Life. Another company to offer this insurance is HLIC.
What are the exclusions for obtaining credit life on a loan
The insurance options available for a personal loan typically include credit life insurance, credit disability insurance, and payment protection insurance. These types of insurance can help cover loan payments in case of death, disability, or involuntary unemployment.
Combining a car loan with life insurance can provide financial protection for your loved ones in case of unexpected events like death or disability. If something happens to you, the life insurance can help pay off the car loan, relieving your family of that financial burden.