WHO WILL MAKE MY LOAN PAYMENT IF I CAN'T?
CUNA MUTUAL INSURANCE...if you protect your Credit Union loan with the OPTIONAL credit disability insurance offered through the Credit Union. The credit disability insurance is economical, since it is a group policy and the rates are based on our Credit Union's claim history. Also, unlike other disability programs, only the first 14 days of a disability are not covered; coverage begins on the 15th day of your disability.
AND IT'S SIMPLE TO FILE A CLAIM...just call the Credit Union and inform us of the first date you were out on disability and confirm your current address and phone number. We will file a claim with CUNA Mutual and they will forward to you all the necessary forms. The faster you have the forms completed and returned the sooner your benefits begin arriving into your Credit Union account.
WITH CREDIT DISABILITY YOUR LOANS STAY CURRENT AND YOUR CREDIT UNION CREDIT REPORT STAYS UNBLEMISHED.
***Credit disability is available only on the primary borrower
***The maximum age of applicant is 66
***The maximum monthly diability benefit is $600
***The maximum loan term for disability coverage is 120 months
***Benefits will not be paid on claims resulting from a pre-existing condition
LOAN PROTECTION
The Credit Union carries Loan Protection Insurance on member loans. The cost of the monthly premium is paid in full by the Credit Union as an added BENEFIT to our members. With our Loan Protection insurance your family will not suffer an added financial burden to add to their sorrow.
***You qualify if you are at work on the date you get the loan subject to
certain pre-existing condition limits
***You are under age 70
***Maximum insurance per loan $30,000
***You are the primary borrower
When the primary borrower on the loans dies the next of kin should provide a death certificate to the Credit Union and we will file the insurance claim.
FLYERS ARE AVAILABLE AT THE CREDIT UNION THAT MORE CLEARLY DESCRIBES THIS COVERAGE
MEMBER INSURANCE
Members are required, per the loan and security agreements, to insure any and all assets pledged as collateral on a loan with the Credit Union. Full coverage is required along with the Credit Union named as "loss payee" on all titled vehicles and "loss mortgagee" on Home Equity loans. The Credit Union must receive a copy of your amended insurance policy. If the proper insurance certification is not provided the Credit Union loan shall be due in full upon demand.
MEMBERS SHOULD REVIEW THEIR OWN PERSONAL FINANCES TO MAKE SURE THAT THEY HAVE ADEQUATE LIFE, HEALTH, HOME AND AUTO INSURANCE COVERAGE TO PROTECT THEMSELVES AND THEIR HEIRS.
