Loan

Purchase insurance protection and have the peace of mind in knowing that your credit union Personal Loan obligations can be reduced or eliminated when needed.

The protection available includes:

  • life insurance which pays the outstanding loan balance.
  • disability insurance that makes the monthly payments; or
  • a combination of disability and life insurance.

Life Insurance:

Life insurance coverage on your loan helps reduce the financial burden on your family during difficult times.  It allows your family to keep the asset debt-free, saving them from years of debt and financial stress.  In addition, other life insurance you may have will go directly to your survivors rather than being used to pay off your loan.

  • Maximum issue age is 69 and coverage ceases at age 70.
  • Insurance benefit is equal to outstanding insured loan balance at date of death plus up to 6 months accrued interest and up to 90 days settlement interest.
  • Pays off your outstanding insured loan if you should die.

Disability Insurance:

With disability insurance coverage, there is no need to worry about where the money for your loan payment will come from.  Your family can maintain their lifestyle and there is no need to sell the asset to make the loan payment.

  • Maximum issue age 59 and coverage cease at age 65.
  • Makes your insured loan payment while you are disabled.
 

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