How does insurance that you purchased on finance work in your favor when you are unemployeed or medical?

Question

How does insurance that you purchased on finance work in your favor when you are unemployeed or medical?

Answer 1

Depends entirely on what coverage you buy. Some finance insurance contracts are like life insurance, if you die the loan is paid off. Others that are more expensive will pay off the loan if you become totally disabled. I have seen policies that will pay the payments if you are laid off but I'm not sure those policies are still sold. Know what's covered before you buy..