HOW WE SPEND 8 CENTS A DAY

The average amount of new credit life coverage is about $6,000.

The national average rate across the nation for credit life insurance is 50 cents per $l00 per year of coverage.

That means a consumer pays $30 a year to insure a $6,000 loan - 8.2 cents a day.

This is how the credit insurance industry spends that 8.2 cents a day.

We pay out 3.5 cents for insurance claim benefits.
We pay 2.7 cents to lenders who serve consumers and us as sales representatives.
We pay 0.3 cents in taxes and fees.
We pay 0.4 cents in salaries and benefits to our employees.
We pay 0.9 cents for other administrative costs.
We keep 0.4 cents as profit.

The universal standard for insurance is that policy benefits must be reasonable in relation to the premium charged.

Is $6,000 of credit life insurance protection a reasonable benefit for 8 cents a day?

Is $6,000 of credit life insurance a reasonable benefit when the insurer profits by just 0.4 cents per day?

We think so.

Our customers agree. Every survey of credit insurance customers says they do.