Payment Protection - Protect Yourself

Credit Life and Credit Disability Insurance

For real peace of mind and only pennies a day, you can purchase one or both of these "payment protections" for most of our loans, and include it in the loan payment.

Protection that lets you and your family rest easy.

With MEMBER’S CHOICE disability and term life protection, you’ll find comfort in knowing that an emotional tragedy doesn’t have to become a financial one. Take a look at the value of these two types of payment protection:

MEMBER’S CHOICE disability makes your monthly loan payment should you become disabled due to a covered illness or injury. Payments continue until you return to work, the loan is repaid, or you reach the policy maximum.

MEMBER’S CHOICE term life reduces or pays off your eligible loan balance should you die before paying off your loan.

A way to narrow the coverage gap

MEMBER’S CHOICE disability and term life protection are especially valuable if you don’t have short-term or long-term disability coverage, or if you don’t have an individual or group life insurance plan. But even if you do have other insurance protection, will that other coverage be enough?

Not necessarily. Other coverage is designed to protect your everyday expenses, not your loan balance. And keep in mind that Worker’s Compensation, Social Security and employer-provided insurance don’t always provide the help that you and your loved ones need to maintain your current standard of living. If you had to draw on your savings to pay off your loan debt, your financial future could be at stake.

MEMBER’S CHOCIE disability and term life are important supplements to your current financial protection plan. This protection frees your family’s income for living expenses – helping maintain the quality of life you’ve worked so hard for. MEMBER’S CHOICE disability and term life also protect your loan collateral and credit rating.

The right amount of coverage at the right price

Every eligible member pays the same low group rate with MEMBER’S CHOICE disability and term life. Plus, you only buy enough protection to cover your loan balance. Tying your coverage directly to your loan means that you will have exactly the right amount of protection – no more, no less. The premiums end once the loan is paid off.

Fast and easy approval

Enrolling in MEMBER’S CHOICE disability and term life protection is as simple as checking a box and signing your name. * For your convenience, you can enroll during the loan process. And your premium is included in your loan payments, so there’s no extra payment to make.

Since the coverage is available right at your credit union, there are no insurance agents to contact. The protection begins the moment the loan closes.

Benefits include:

• Automatic eligibility for most borrowers
• Simple enrollment
• No medical screening
• Immediate coverage
• Premium included in your payment

Why payment protection makes sense

• Reduces or pays off your covered loan balance in the event of death, and makes payments for you in the event of disability.
  
• Protects your lifestyle or that of your loved ones.
  
• Protects your credit rating and the assets that secured your loan.
  
• Offers the convenience of including protection with your loan.
  
• Provides coverage at low group rates that are the same for every eligible borrower.
  
• Requires no physical exams or complicated enrollment forms.

*Check with your loan office for details of this coverage, including exclusions and limitations.