Image courtesy of [num_skyman] at FreeDigitalPhotos.net
What are some things you buy each month to treat yourself every so often? Maybe a coffee from the drive on Fridays, a quick burger for lunch with a friend, or even an after work beer. In the moment it may not seem as though these items cost that much, but over time, they sure do add up. So what if we were to skip one or two of these things once each month, what would you put that extra money toward? If I were to tell you that setting aside $1-$15 per month could get you Credit Life & Disability Insurance on a loan would you believe me? WELL YOU CAN! I know once you read the word insurance, your nose instantly turned up, but I promise this is worth reading! We all hope and pray that nothing will happen to us or any of our family members. But the truth is something might, and we need to be as prepared as possible. Let’s pretend your family just purchased a new vehicle and financed it through HCCU, I want to show you what the difference in payment looks like with and without the coverage.
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Without Coverage
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With Coverage
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Loan Amount
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$15,000
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$15,000
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Interest Rate
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3.99%
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3.99%
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Term
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48 Months
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48 Months
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Monthly Payment
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$315.06
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$319.78
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WAIT! Do you see that??? That’s only a $4.72 dollar difference! Over the life of the loan that only adds up to $226.56! I’m not sure what you’re thinking, but I think that’s SO worth it! I know we don’t like to think about it, but we have to. Make sure you’re prepared for the worst, and add credit life and disability to your loan today!
Post by: Emily P.
