Credit Disability Insurance (“CDI”) pays a monthly benefit to a lender equal to the amount of a loan’s monthly payment if you become disabled. Like other types of disability insurance, there may be a waiting period before a benefit is paid and many of negotiable terms and conditions. CDI can apply to almost any type of loan, such as loans to cover the purchase of appliances, motor vehicles and farm equipment, as well as educational, credit card, home equity and mortgage loans.
If your CDI is denied or terminated, you can contest the decision. I represent a former firefighter whose CDI was terminated after two years on the grounds that, while he could not work as a firefighter, he could do other types of work. Since I had won the claimant’s Social Security Disability case, which required showing that he was unable to do any other type of work, I strongly advised him to appeal the decision.Previous Next
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