How Does Joint Credit Life Insurance Work? 
Credit life insurance is not traditional life insurance that pays the beneficiary , who in turn pays lenders . Credit life insurance charges the borrower for credit insurance that will pay the loan off in the event of death of the borrower . The money goes directly to the lender . Joint credit life insurance covers two insured persons , the borrower and co-signer . It will pay the loan off if either one or both insured persons passes . 