Some credit-insurance policies worse than others, study says.

Byline: Jeff Gelles

Borrowers should be wary any time they are asked to sign up for credit-related insurance, but some versions of the policies are far worse deals than others, according to a new study by two consumer organizations.

How bad are they? The study said consumers have paid about $6 billion a year over the last five years for credit insurance _ and paid $2.5 billion too much for it, using standard industry formulas for comparing premiums to what the insurers paid out in claims.

But there was good news, too in the study by the Consumer Federation of America and the Center for Economic Justice.

Residents of Pennsylvania, New …