§ 26-21-114 — Choice of debtor to use existing insurance or new insurance for additional security

If credit life insurance or credit disability insurance is
required as additional security for any indebtedness, the
debtor, upon request to the creditor, has the option of
furnishing the required amount of insurance through existing
insurance policies which he owns or controls or of procuring and
furnishing the required coverage through any insurer authorized
to transact insurance within this state.