TYPE OF INSURANCE
GROUP COVERAGE – CREDIT LIFE INSURANCE
(Short Term or Long Term Life and Disability) Group CLI offers a streamlined process with fewer questions on the application and provides a fast turnaround time.
Individual Term insurance often requires more time for the underwriters to gather information about the customer, however it may offer approval for a broader range of people. A paramedical exam is required for some options. Options vary based on the applicant’s risk factor. For more information on the credit life policies go to www.fclifenet.com. Group and individual coverage option each have their advantages. While group coverage may not be the right fit for one person with complex health issues, it may be the more economical choice for another. Individual coverage can offer a greater amount of coverage for a diverse group of borrowers. Regardless of the type of coverage granted, the same underwriting methods and tools are used for all coverage.
Because protecting your business and your family is important to us and to our customers, American AgCredit may sell to its borrowers Credit Life Insurance (CLI) for short-term coverage on commercial loans. The insurance policy will pay off the loan commitment between the Association and the borrower in the event of a debtor’s death.