Credit Tips: Credit Cards With Death Benifits

Posted On: January 1, 2006

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Posted: Thu Sep 23, 2004 11:45 pm
Post subject: Credit Cards With Death Benifits

jim
Date: 2/27/2001 8:53 am CDT

my wife just passed away. she had many cards in her name.do any cards have death benifits?

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Posted: Thu Sep 23, 2004 11:46 pm
Post subject: Credit Cards With Death Benifits

Linda in VA
Date: 2/27/2001 9:59 am CDT

Hi Jim,

I’m so sorry about your wife.

Many cards offer optional insurance which pays off the card balance in the event of the death of the primary and sometimes the secondary cardholder. If your wife carried any of these on her cards, you will see it on her statements. Most of them have a maximum amount such as $10,000, and after the card balance is paid, some of them pay the remainder of the death benefit to a beneficiary (which would most likely be you).

Many cards also offer optional insurance of other types, some including life insurance of one kind or another. Again, you would see this on her statements.

If you see something that looks like insurance being billed, call the company listed on the statement and find out what kind of insurance it is, what it pays, etc. If it applies to your situation, ask for the appropriate claim forms and procedure.

I don’t know of any card that just gives you this kind of life insurance (credit insurance)- you have to pay for it. However. many cards do give you travel accident insurance.

If you need more help, feel free to email me - I’m an insurance agent.