Common use of CREDIT INSURANCE Clause in Contracts

CREDIT INSURANCE. If we offer credit insurance on your account, and you choose to purchase it through the credit union, you authorize us to bill you its cost each month and you agree to pay for it. The monthly cost of credit insurance will be treated as a purchase for the purpose of calculating Finance Charges. Purchase of credit insurance is optional and will not affect our decision to extend credit to you. You may cancel credit insurance at any time. A separate disclosure, provided when you apply for credit insurance, will disclose the cost of coverage. Costs for credit insurance will be disclosed on a separate enrollment document you will be required to sign before coverage takes effect.