Credit Life / Credit Disability Loan Insurance
Following are some details for each type of coverage:
||$0.39 per $100.00 of monthly loan balance
||$0.085 per $100.00 of monthly loan balance
|| Must be under age 66 on date of loan. Must be presently working at least 25 hours per week on date of loan.
||Must be under age 70 on date of loan.
||Up to age 66
||Up to age 70
|| On receipt of death certificate
||Up to $750.00/month/loan, $50,000.00 maximum/loan
|TO FILE A CLAIM
||Notify CFCU of first day off work
||Present claim report, loan records, insurance certificate, and certified copy of death certificate.
If your vehicle is totaled or stolen, will your insurance cover the entire loss? Not likely. You may have to pay the difference, the gap, between what you owe, and the actual cash value of your vehicle, from your own pocket. With Evergreen GAP Insurance, now you can protect your investment. The Evergreen Organization offers an affordable GAP program called the Broad Form Plus that pays the difference between the amount paid by the primary insurer (the actual cash value) and your outstanding loan balance, less any primary insurance deductible. It also pays $1,000 toward the purchase of a replacement vehicle. Additional features include protection for new and pre-owned vehicles, protection for vehicles valued up to $100,000, protection for the entire term of the loan, minimal monthly cost, and deductible coverage up to $1,000.
Member’s Choice Home Mortgage Protection
Members Choice Home Mortgage Protection will reduce or pay off your mortgage if you or your joint borrower should die. This life insurance protection is available to you if you are 18 through age 69. And, because it’s a group decreasing term life policy, you get full mortgage protection at affordable group rates. With decreasing term, the policy face value declines in line with your mortgage. In addition to providing coverage to you, the same amount of life insurance is available to your joint borrower. The premium for the joint borrower is only one-half of your premium. Only one benefit will be paid should both of you die simultaneously, and coverage ends upon the death of the first insured. For an additional charge per month, disability protection is also available (certain restrictions apply).
Credit Life and Disability and/or Loan Protection Insurance is not insured, underwritten, issued, or guaranteed by NCUA or any other federal government agency. There is no requirement to purchase insurance as a condition of the loan.