Collecting on insurance.?

Question

Does anyone ever really collect on those $1,000 insurance policies that are provided free to bank and credit union account holders?

Answer 1

idk

Answer 2

Probably very few.  That's why they can afford to give them for free.

This is why I always recommend keeping a current record of all insurance policies, policy numbers, expiration dates, premium due dates (if any), company names and phone numbers so your heirs can get everything they're entitled to.

Answer 3

Theoretically, yes.   They are a HUGE moneymaker for the banks and credit unions, though, for people who are bad at math, and don't read the small print.  

I NEVER would recommend you get it.  It will never benefit YOU, only your creditor.  Let them buy their OWN coverage.