Credit Life and Credit Disability
As a credit union member, you and your family can have the valuable financial protection you need when you take out a loan. You can protect your financial future by signing up for voluntary credit life or credit disability insurance. Benefits are paid to the credit union to pay off or reduce your loan. If the benefits are more than the balance of your loan, the difference will be paid to you if you are living or to the beneficiary named by you, if any, or to your estate.
With Credit Disability Insurance, should you become totally and continuously disabled by a covered sickness or accident which persists beyond the policy waiting period, your loan payments are protected. Payments will be made, up to the policy maximum, during your period of disability. Disability benefits are payable for the duration stated in the credit unionís contract.
Peace of Mind
Itís reassuring to know that not only you and your family can be financially protected, but also your credit rating, your collateral and your income can be protected with credit disability coverage.