Life can get complicated when unforeseen events occur. Protecting your loan against qualifying life events and unexpected disability could help protect more than your finances. It could help lighten the burden for the people you care about most.
The Credit Union offers voluntary credit life and credit disability insurance on certain personal loans.1 Credit insurance can be selected at loan origination to help pay covered debts in the event of disability or death. Options include single or joint credit life and single credit disability coverage with the following features:
Coverage is available as a one-time option at loan origination
30-day full refund cancellation period2
Credit life and credit disability insurance can be cancelled at any time and for any reason by written request2
Maximum monthly insured loan payment coverage is $600
Maximum claim benefit for credit life and credit disability is $50,000
Coverage ends at age 703
Credit disability insurance is available only for primary borrowers who work 25 hours or more per week.
1Credit life insurance and credit disability insurance are available for unsecured signature loans, vehicle loans and share-secured loans. Credit life insurance is available on term note loans; credit disability insurance is not available on term note loans. Credit life and credit disability insurance are not available for Visa® credit cards, Salary Advance loans and real estate secured loans. Credit disability insurance must be selected in conjunction with single or joint credit life insurance and is not available as a stand-alone option. 2During the full refund cancellation period, coverage may be cancelled for a full refund. All refunds will be applied to the outstanding principal loan balance. Cancellation of credit life and credit disability insurance at any time during the life of the loan will not affect the regularly scheduled loan payment amount. 3Coverage ends on the last day of the month in which the covered borrower reaches age 70.
*Quoted rates, dividends, annual percentage yields (APY) and annual percentage rates (APR) are subject to change daily at the discretion of the Board of Directors.
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