Credit Life and Credit Disability Insurance
Credit Life will pay off your loan in the event of your death. Credit Life is available to the primary loan holder and to a joint signer. If you cannot make your loan payments due to illness or disability, Credit Disability will pick up those payments. Credit Disability is available to the primary loan holder.
Protecting your financial future
Choosing to take out loans to buy a new car, finance a special vacation, or renovate your home are ways you improve your standard of living. And, planning your family's financial future by protecting your loans with credit insurance can help your family keep its standard of living if your income is reduced or eliminated due to a disabling injury or illness or your unexpected death.
Protection that pays
Your unexpected disability or death can affect your household's income level and change your family's standard of living in an instant, making household financial commitments difficult to meet. Coping with your disability or death can be emotionally and physically stressful for your family. Struggling to make loan payments on a reduced or lost income is another heavy burden your family shouldn't have to bear. When you choose to protect your loans with Credit Life and Credit Disability Insurance, you're planning for your family's financial future.*
With payment protection like Credit life Insurance, if you pass away and your claim is payable, your eligible loan balance is reduced or paid off. With Credit Disability Insurance, if you're disabled due to injury or sickness, your loan payments will be paid until you're no longer disabled, your loan is paid, or you reach the policy maximum.*
Credit Life and Credit Disability Insurance help conserve your family's savings and allows them to use other insurance funds to meet day-to-day living expenses, preserving the standard of living you worked so hard to achieve.
Simple and quick enrollment
Credit Life and Credit Disability Insurance are available on many consumer loans. Simply ask your loan officer at the time you open your loan to confirm eligibility. If you're eligible, select the desired credit insurance on the enrollment documents and sign your name. Once the loan is closed, you're enrolled. For easy payments, your premium will be included in your loan payments.
The benefits of payment protection
• Simple and quick enrollment—on your enrollment document, choose the credit insurance you prefer
• Immediate coverage—when the loan closes, you're covered
• Easy payment—premium is included in monthly loan payment
• Financial security—coverage reduces or pays off your loan balance in the event of death or makes loan payments in the event of disability
• Peace of mind—know that your family won't struggle to make loan payments
• Complements existing insurance—credit life and credit disability insurance covers your loan payments so other funds can be used to care for your family's day-to-day expenses
• Maintains family's living standard—loan payments are made so family assets and savings are preserved
• Quick claims status—call 1-800-621-6323 to get processing information
| Credit Life Insurance |
| Maximum amount of insurance: |
$75,000 |
| Eligibility age maximum: |
71 years |
| Insurance termination age: |
71 years |
| Maximum term of insurance: |
240 months |
| Plan as of: |
08/18/2009 |
| Credit Disability Insurance |
| Maximum amount of insurance: |
$75,000 |
| Eligibility age maximum: |
66 years |
| Insurance termination age: |
66 years |
| Monthly benefit maximum: |
$1 ,100 |
| Maximum term of insurance: |
180 months |
| Benefit duration maximum: |
180 months |
| Plan type: |
14 day/Retro |
| Plan as of: |
08/18/2009 |
*Be sure to read the Credit Insurance Application and Certificate of Insurance which will explain the exact terms, conditions and exclusions of the policy. Eligibility requirements including age maximums, working requirements and health questions may apply. Also, benefits may be subject to a waiting period. The policy may include maximum coverage or benefit amounts and/or durations. Exclusions for pre-existing conditions, normal pregnancy, intentional injury, air travel and/or atomic explosions may apply.
Only a licensed insurance agent may provide consultation on your insurance needs. This is a voluntary insurance product. Your financing outcome is not based on your selection of this product. Claims may be filed electronically via Claims Online at www.cunamutual.com or by completing a Disability Claim Notice available at your credit union and mailing or faxing it to: CUNA Mutual Group, Attn: Credit Insurance Claims Department, P.O. Box 1621, Madison, WI 53791-8927; Fax: 1-608-218-1998.
CA Only: California Department of Insurance Consumer Hotline: 1-800-927-4357