Credit Life and Disability benefits work…when you can’t.
What is Credit Insurance?
Credit insurance provides assistance to help pay an insured’s loan commitments when they cannot . Available coverage includes protection from an illness, accident or death.
Credit Life Insurance
Pays the loan balance in full up to the policy maximum, when the insured debtor dies. Survivors are protected from liability owed by the debtor’s estate on the loan.
Credit Disability Insurance
Helps to make the monthly loan payments for the insured, up to the policy maximum terms and limits. Members’ finances will not be disrupted due to accident or illness.
General Term Limits
- Maximum Monthly Disability Benefit/ Monthly loan payment up to maximum of $850
- Maximum Total Disability Benefit / Aggregate loan balance(s) up to a maximum of $50,000
- Maturity Age for Disability Insurance: 66 years
- Maturity Age for Life Insurance: 70 years
- Limiting Amount of Life Insurance/ Loan balance(s) up to maximum of $50,000 aggregate
- Minimum Disability Period: 14 Consecutive Days
Disability Benefits Begin the 15th day of the Disability
Note: Borrowers are not required to add Credit Life or Disability insurance to loans, and coverage can be canceled at any time with written notice.This coverage does, however, offer an inexpensive way for you to have financial protection against the unexpected. Complete coverage details are provided in the Certificate of Insurance and disclosures given to the insured when the loan is completed. For more details contact a loan officer.