Insurance

Personal Loan Life Insurance
Credit Life Insurance is designed to help pay off or reduce a borrower's loan balance in the event of the borrower's or co-borrower's death. It is available with most consumer loans and will pay off or reduce the outstanding principal plus accrued interest. It is a voluntary purchase that provides peace of mind to the credit union member.

Personal Loan Disability Insurance
Credit Disability Insurance is designed to help pay the total or partial monthly payments of a loan in the event the borrower becomes ill or falls victim to an accident or injury and is unable to work. The benefit is calculated per day of total disability. It is available with most consumer loans and is a voluntary purchase.

Mortgage Life Insurance
Mortgage Life Insurance is specifically designed to help pay off or reduce the mortgage balance in the event of the borrower's death. Although it is available with most mortgage loans, it is not mandatory to purchase the coverage. The primary reason most borrowers purchase this insurance is to protect what is usually their largest asset - their home. Premiums are based on age, whether or not the member is a smoker or non-smoker, and are withdrawn from the member’s account mid-month.

Mortgage Disability Insurance
Mortgage Disability Insurance is specifically designed to help pay the total or partial monthly mortgage payments in the event the borrower becomes disabled due to sickness, accident or injury and is unable to work. While it is available with most mortgage loans, it is not mandatory to purchase the coverage. The primary reason most borrowers purchase this insurance is to protect their credit rating and not place additional strain on the household budget in the event of disability.

Line of Credit Life Insurance

A line of credit provides the flexibility to fit today's consumer demands. Life insurance coverage on a line of credit is designed to help reduce or eliminate your outstanding balance in the event of death.

Line of Credit Disability Insurance
Line of Credit Disability Insurance is designed to pay 3% of the outstanding balance of the Line of Credit if the borrower becomes ill or fall victim to an accident or injury and are unable to work.

Outstanding Balance Life Insurance
Outstanding Balance Insurance is designed to help pay off or reduce the outstanding balance on revolving or operating loans where the balance fluctuates, in the event of a covered death. With this coverage, premiums are never charged if the balance is zero, thus eliminating payments for unnecessary coverage. In the event of death, the coverage may pay off the member's outstanding loan balance up to $500,000. In addition, should the member become terminally ill, benefits may be paid prior to death.

Outstanding Balance Disability Insurance
Outstanding Disability Insurance is designed to pay 1% of the outstanding balance of the line of credit if the borrower becomes ill or fall victim to an accident or injury and are unable to work.

Level Term Life Insurance
Level Term Life Insurance is designed to provide a maximum benefit of $500,000 to a designated beneficiary if an insured should die. The debt may fluctuate over the member's lifetime however the coverage will remain constant. The coverage is renewable every 10 years.

Level Term Disability Insurance

The Level Term Disability Insurance can cover monthly loan payments for pennies a day, and is designed to help pay insured loan payments while disabled due to a covered accident or illness.

Accidental Death Benefit
  • This coverage is specifically designed to pay a benefit (one benefit on joint policy) to the member’s estate or a designated beneficiary, in the event of accidental death
  • Accidental Death Benefit is a rider and must be attached to a life policy such as Mortgage Life or Level Term Life 
  • Maximum coverage: $250,000 (cannot exceed the amount of the life coverage in force) 
  • Death benefit stays level (equal to the original debt) 
  • Very inexpensive premiums
 

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