Anyone who has made any major purchase has probably opted out of the credit/disability insurance in a loan contract. When we bought our vehicle I opted to include coverage on the loan in case something like that happened. Right now I am glad that I did because I got laid off. You just never know when the unexpected is going to occur. I think this would be good for both the lender and the customer. What are your thoughts?
It is a good idea to cover the risk of loss because as you stated you never know when something unexpected will happen. The same thing is true for life insurance and health insurance. A person does not have the intention of getting sick or dying while young but it does happen, we have no control over these things. Insurance is to help spread the cost of the risk over many instead of one person taking the cost of the risk only.
Just like you said, you never know what and when something could happen, so it's better to know that you have an extra layer of safety, even if you have to pay more. It shouldn't be included just on big purchases though, it should be available for average size contracts too, like a phone for example, not just a car or a home.
