I was unable to find anything specific and I would be interested in opinions on this also. It sounds like a good idea to boost credit insurance sales.
- Persons over the age of 66 (in most cases) would not be eligible for the discount - possible age discrimination? Unless some other product is offered that would allow the discount.
- Is credit life a "traditional banking product" - possible anti-tying violations?
- What happens if I take the insurance and after the loan closes I cancel the insurance?
- Since the insurance is required to get the discount - would the premium then become a finance charge?
First published on BankersOnline.com 5/23/05