(1) In applying the provisions of this title on unconscionability (§§ 37-5-108 and 37-6-111) to a separate charge for insurance, consideration shall be given, among other factors, to:

(a) potential benefits to the debtor including the satisfaction of his obligations;

(b) the creditor’s need for the protection provided by the insurance; and

(c) the relation between the amount and terms of credit granted and the insurance benefits provided.

(2) If consumer credit insurance otherwise complies with this chapter and other applicable law, neither the amount nor the term of the insurance nor the amount of a charge therefor is in itself unconscionable.