Credit Life Insurance helps 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.
Credit Disability Insurance helps pay the total or partial monthly payments of a loan if the borrower becomes ill or falls victim to an accident or injury and is unable to work. Calculation of the benefit is per day of total disability. It is available with most consumer loans and is a voluntary purchase.
A line of credit provides the flexibility to fit today's consumer demands. Life insurance coverage on a line of credit helps reduce or eliminate your outstanding balance in the event of death.
Line of Credit Disability Insurance pays 3% of the Line of Credit outstanding balance if the borrower becomes ill or falls victim to an accident or injury and is unable to work.
Outstanding Balance Insurance helps pay off or reduce the unpaid balance on revolving or operating loans where the balance fluctuates in the event of a covered death. There are no premiums charged with this coverage 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 before death.
Outstanding Disability Insurance pays 1% of the unpaid balance of the line of credit if the borrower becomes ill or falls victim to an accident or injury and cannot work.
Level Term Life Insurance provides 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. In addition, the coverage is renewable every ten years.
The Level Term Disability Insurance can cover monthly loan payments for pennies a day and helps pay insured loan payments while disabled due to a covered accident or illness.
This coverage pays a benefit (one benefit on joint policy) to the member's estate or a designated beneficiary in the event of accidental death.
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