What is credit life insurance?

Credit life insurance is a type of life insurance that pays off the balance of the loan if you should die before the loan is fully repaid dependent on the term of the credit life insurance. This optional coverage is available to purchase at the time you complete the financing arrengements for your boat.  When purchased, the cost of the policy is typically added to the principal amount of the loan. Your licensed WRFS loan processor will provide you information about the terms and costs of obtaining the insurance as it may affect the terms of the loan. Some policies combine Credit Life insurance and Credit Disability insurance into one policy.