Amount financed does life insurance supposed to be in this amount?

Question

My bank didn't include this in the amount financed column, I didn't want this insurance,my payment shows they added life insurance to my loan,can they do this legally?

Answer 1

You didn't say what type of loan it is or whether it is a credit card, but it is very common to sneak credit life insurance into a loan, which is why you should always read the fine print (likewise to avoid prepayment penalties for home loans).  If it is a credit card you can discontinue the insurance, but for a loan, you might be stuck with what you signed unless you can convince them to drop it.

When I was buying a car I was trying to figure out why the payments the dealer quoted were high than my calculator. Apparently they tried to include credit life insurance without telling me (I got that removed).  When I was buying another car I was relating that story to the salesman while he was filing out the papers, he said "Oh, you don't want that?" and tore up the papers and started over.

Answer 2

No one can add life insurance without your consent. They can require it, but you must approve it.

Answer 3

Read the loan papers you signed.  Did you sign permission?  If not, they can't do it.  If you did, they can.