Guest seedstrike Posted September 25, 2003 Report Share Posted September 25, 2003 Hey guys, I have decided to go through MD Management for my LOC. National bank requires me to get life insurance (which will cost me approximately 10 / month depending on loan amount) in order to guarantee my loan. Has anyone been told the same? I only ask because this issue was not raised during MD Management's presentation to our class and my understanding was that most LOC's don't require life insurance. In any case if something were to happen to me, its not like they can nail the debt on to my relatives so getting that life insurance seems pointless. Link to comment Share on other sites More sharing options...
Guest RAK2005 Posted September 25, 2003 Report Share Posted September 25, 2003 Most banks require you to pay to insure your loan in case of death or dismemberment (at least TD does, and I think Royal does too). For TD it is a percent of the outstanding balance, which is pretty low. I pay 8 bucks a month on a $65K debt (gulp, can't wait to pay that off...). Link to comment Share on other sites More sharing options...
Guest UWOMED2005 Posted September 26, 2003 Report Share Posted September 26, 2003 I don't think they require it - they just 'recommend it' in a way that you might think they require it. Be persistent in your refusal. That was my strategy (same LOC) Link to comment Share on other sites More sharing options...
Guest RAK2005 Posted September 26, 2003 Report Share Posted September 26, 2003 UWOMEDS, I'm curious. Did you need a loan guarantor to do this ? Link to comment Share on other sites More sharing options...
Guest UWOMED2005 Posted September 28, 2003 Report Share Posted September 28, 2003 Nope. I also successfully declined life insurance on my Citibank LOC and my RBC LOC before that, no co-signor. Only collateral I had was the program I was in. Link to comment Share on other sites More sharing options...
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