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Credit Life DisabilityCredit Life & Credit Disability Insurance Programs
Credit Life Insurance can pay off the insured balance on almost any loan including car, boat, vacation or other consumer purchases, plus up to six months of unpaid interest, if you should die before the loan is paid off. The cost for this insurance is reasonable. Rates can be quoted when you apply for your loan and premiums can be added to your loan payments.
Credit Life Insurance covers loan balances up to $30,000.
Credit Disability Insurance makes payments to the Credit Union to reduce or pay off your loan if a long-term disability, sickness or accident prevents or prolongs your ability to repay. The coverage typically continues until you return to work, or until the loan balance is paid off. Coverage is available for conventional and open-end loans.
Credit Disability Insurance requires a 30 day wait period before taking effect. The maximum monthly loan payment is $600 for a maximum total loan amount of $30,000. Ongoing medical assessments to validate the disability may be required.
MEMBER'S CHOICE® Credit Life and Credit Disability Insurance is voluntary and not required in order to obtain a loan. If coverage is elected, you have the right to cancel the coverage at any time by contacting your credit union.
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