This section will help you get answers to frequently asked questions about Credit Insurance. If you do not see the answer to your question below or need further explanation, please call us at 1-800-551-8274 or e-mail creditinsurance@gtlic.com.

General questions:
What is credit insurance?
How do I buy credit insurance?
How much credit insurance should I buy?
Can I buy credit insurance later?
Is credit insurance required on my loan?
Do you recommend credit insurance?

Claim questions:
How do I file a claim?
Where can I get a claim form?
How long does it take to process a claim?
Will payments be made by their due date?
Can this coverage be cancelled?

What is credit insurance?
Credit-related insurance is insurance sold in conjunction with consumer credit, where the policy term and benefits are related to the specific consumer credit transaction. It helps a borrower pay a loan or line of credit in the event that individual should pass away or become disabled, depending on the type of plan. Back

How do I buy credit insurance?
You can purchase credit-related insurance at automobile dealerships, banks, credit unions, finance companies, and retailers. The coverage is offered to you at the time you borrow for the loan. Back

How much credit insurance should I buy?
Life coverage should match the amount of the loan. The monthly disability benefit is equal to the required monthly payment for the credit.

Coverage can be less than the amount and/or term of the loan, but never more than the amount of the loan. Back

Can I buy credit insurance later?
No, credit insurance is available only at the inception of the installment credit contract. To be eligible to buy credit insurance, the borrower must be less than a maximum age (typically age 65), and must satisfactorily answer a qualifying health statement or questions. Back

Is credit insurance required on my loan?
No, it is not required. Truth and Lending regulations do not allow lenders to require credit insurance protection for loan approval. Back

Do you recommend credit insurance?
Yes! Credit-related insurance provides peace of mind for both the borrower and the lender. Medical bills or reductions of income associated with a death or disability often create additional financial strain on family resources. With credit-related insurance, the borrower has the security of knowing that a credit obligation will not be an added burden to their family in the event of death or disability, and the lender has the security of knowing that the loan will still be paid in the event of the borrower’s death or disability. Back

How do I file a claim?
Your lending institution will provide instructions as to how to fill out the form. Claims correspondence can be directed to:

Credit Claims Service Center
P.O. Box 1145
Glenview, IL 60025-8145

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Where can I get a claim form?
Claim forms can be obtained from the dealership, bank, finance company, or credit union where you purchased the credit insurance. If they do not have a claim form available, please call 1-800-669-9617 or download from the Credit Claim Forms page. Back

How long does it take to process a claim?
Once GTL has received the completed claim form, we review it for content and eligibility. If the coverage does not require medical verification and the claim form is complete, payment can be made within one week. Back

Will payments be made by their due date?
GTL tries to process the claim as quickly as possible so the benefits can be paid as soon as possible, but we pay claims based on the date of receipt and content of the claim forms, so we cannot ensure that the payment will be made by the due date. Back

Can this coverage be cancelled?
You can cancel the coverage by contacting the dealership, bank, or credit union where you purchased the credit insurance, in writing to inform them that you would like to cancel your coverage. The lender or GTL staff will determine if a refund is applicable. Once it is determined that a refund is due, the refund is sent directly to the lien holder. Your payment to the lender will not change, but in effect, your loan will be paid off sooner than originally scheduled. Back