William Sutton Jr.: Beware insurance ‘packing’

May 5, 2013 

Beware insurance ‘packing’

In response to the April 26 article “Bill would revise loan rates”: I would like to mention two points.

First, I wonder if Sharon Crouse, who suffers from numerous health issues, would even qualify for the life insurance that was offered in her loan? Having worked in the consumer finance industry for eight years, I know from experience that finance companies pressure consumers into electing credit life insurance, disability and property insurance on their loans.

For some, it is a good option, but for many others, they are probably unaware that it is on their loan. It is called insurance packing, and consumer finance companies are very aggressive in requiring that loans are “packed” with it. They track it on a daily basis and pressure employees to hit their insurance goals.

William Sutton Jr., Morehead City

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