Credit Life / Credit Disability Loan Insurance
Following are some details for each type of coverage:
||$2.55 per $1,000.00 of monthly loan balance
||$0.85 per $1,000.00 of monthly loan balance
|| Must be under age 70 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 70
||Up to age 70
|| On receipt of death certificate
||Up to $750.00/month/loan, $75,000.00 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 CUNA Mutual Insurance, now you can protect your investment. CUNA Mutual offers an affordable GAP program called the Member Choice GAP 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.
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.