While you can't predict an accident, you can plan how you'll be able to financially handle one should it occur. MEMBER'S CHOICE® Credit Life and Credit Disability Insurance plans offer loan-specific coverage.
During the past three years, over 115 members have received approximately $655,000 in life or disability insurance benefits to assist with loan payments or to pay off loans.
Credit Life and Credit Disability work in two different ways. Credit Life Insurance may help reduce or pay off your eligible loan balance in the event of your unexpected death up to coverage maximums. Credit Disability is designed to make loan payments if you're totally disabled due to a covered injury or illness up to coverage maximums. Below are some examples of how this coverage has protected our members and their families:
A member, age 65, passed away with 3 loans totaling over $58,000. Credit Life Insurance paid off all 3 loan balances completely.
A member acquired a loan in July 2015 and elected to obtain Credit life Insurance on the loan. She passed 4 months later and the entire loan balance was paid. Her family was relieved to know that they did not have to worry about this financial burden.
A member, age 69, passed away and had 2 loans with outstanding balances totaling over $41,000. C redit Life Insurance paid off both loan balances within 11 days of the initial claim.
A member, age 54, had a loss claim payher $623 monthly payment made for 20 months while she was out of work due to injury. In total, Credit Disability Insurance paid $12,460 in payments.
A member, age 46, had a loss claim $15,000 that was paid.
A member, age 63, had a disability claim that paid $17,000 while the member was out and could not work.
Ask your loan officer to include protection on your vehicle loan so you and your family may have loan payments covered if there is an unexpected event. For details on the available options, please see the explanations below, email, or call a member service specialist at 785-228-0149.
Check out our current rates to save money on your next loan!
Claims data provided by CMFG Life Insurance Company for period of 01/01/2014 through 10/31/2016. Individual claim experiences and benefits will vary based on the specific loan and coverage terms.
Credit Life and Credit Disability Insurance
Three Steps to Greater Security for You and Your Family
Credit Life and Disability Insurance helps give you the peace of mind that your loan may be covered in the unexpected event that you pass away or you are disabled. Enrollment is simple and the cost of coverage could be part of your regular monthly payments. Ask your loan officer for complete details.
What is MEMBER’S CHOICE® Credit Life and Credit Disability Insurance?
It’s a way to help protect you and your family. There’s no way anyone can predict an injury, illness or an unexpected death but you can take steps along the way to help make sure your family is provided for if the unforeseen were to happen. Credit Life and Credit Disability insurance helps you pay your loans so you and your loved ones don’t have to.
How Does it Work?
This voluntary insurance premium is included in your monthly payment; you won’t receive extra bills or statements. If you have a balance on your loan and are totally disabled due to injury, illness, or in the event of an unexpected death, Credit Life and Credit Disability Insurance can help. Your loan officer can show you how.
Why is it Valuable?
Credit Life and Credit Disability Insurance works in two different ways. You and your family won’t have to make loan payments if you’re totally disabled due to an injury or illness. It will help pay your loan until you’re fully recovered, or in the event of an unexpected death, it will pay off the loan. Savings, salary or payoffs from other life insurance may be spared, giving your family financial freedom when they need it most.
Call 785-228-0149, email a member service representative, or stop by a convenient location to enroll today.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Your purchase of MEMBER’S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company, is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Policy Agreement for a full explanation of the terms.
Guaranteed Asset Protection (GAP)
Don’t go Unprotected, Get GAP!
During the past three years, Envista members have received over $65,000 in GAP claims to assist with totaled or stolen vehicles.
Cover your vehicle with Guaranteed Asset Protection (GAP) in case your car is totaled or stolen. The estimated cost of GAP at Envista is only $339 and at a car dealer the estimated price is over $700. That’s a great savings of at least $361!
You’ve just financed your dream car. Before you drive away, consider this:
The car began depreciating immediately.
One in three Americans will suffer the total loss of a vehicle.
One in every 20 drivers will experience an unrecovered theft.
For the third year in a row, the National Insurance Crime Bureau reports that vehicle theft is on the rise.
Vehicle prices continue to increase and at the same time we want longer loan terms and are making smaller down payments. It’s typical for a vehicle’s outstanding loan balance to be significantly higher than its actual cash value, especially during the first few years of the loan.
If your vehicle is totaled or stolen, your insurance settlement will be based on its actual cash value, not the outstanding loan balance. This may create a deficiency balance or a “gap”.
We have the product that will prevent you from incurring a financial loss... Guaranteed Asset Protection (GAP). This product eliminates the potential for loss in the event your vehicle is totaled or stolen.
In addition GAP offers the following advantages:
The program is underwritten by highly rated insurance companies. Our underwriters have extensive experience and are known for their financial strength, stability and responsive claims handling.
Enrollment is easy and coverage begins immediately.
We offer coverage for a variety of both new and used vehicle types.
Up to $1,000 of your primary insurance carrier’s deductible may be covered as part of deficiency balance.
An additional $1,000 towards the financing of a replacement vehicle through Envista Credit Union.
Without GAP you are liable for the deficiency balance. This means you could end up paying for a vehicle that you can no longer drive, while forced to purchase a replacement vehicle. Drive your dream car knowing you are safe from falling into the “gap”! To learn more about how you can add GAP to your loan, please contact a loan officer at 785-228-0149 or stop by one of our locations today.
Important Disclosures Regarding the Program
(1) This product is optional. GAP is a loan/lease deficiency waiver and is not offered as insurance coverage. Whether or not you purchase GAP will not affect your application for credit or the terms of any existing credit agreement you have with us. (2) We will give you additional information before you are required to pay for the program. This information will include your cost and a copy of the contract, containing the terms and conditions of the program. (3) There are eligibility requirements, conditions, limitations and exclusions that could prevent you from receiving benefits under the program. You should carefully read the GAP Waiver Addendum for a full explanation of the terms and conditions of the program.
Mechanical Breakdown Protection (Warranty)
Avoid Unexpected Auto Repair Costs
During the past three years, Envista members have received over $39,400 in warranty claims to assist with auto repairs.
When you have Mechanical Breakdown Protection, you can relax if your car has major mechanical failures because this warranty will help cover the expensive repair bills. Before you purchase your next vehicle, whether new or used, be sure to check with the credit union for a quote on our Mechanical Breakdown Protection program. There’s nothing more frustrating than having your car’s warranty run out the day before you have a major mechanical breakdown. And believe it or not, this really does happen.
Our program offers a complete package designed to protect you from expensive repair bills when mechanical failures occur – whether it’s the transmission, suspension, air conditioning, or any one of the major systems that may need costly repairs or replacement.
There are many car dealers out there offering expensive extended warranties, but few cover you like our program. And the savings are rather substantial! Typically, the cost for one of our contracts will be about 30% - 50% less than those offered at the dealerships. And our program provides some of the most extensive coverage available in the industry, as well as these great additional benefits:
Rental Car Coverage
24-hour Roadside Assistance
And best of all, these plans are affordable and can easily be purchased at any time. Contact your loan officer today at 785-228-0149 to see if your vehicle is eligible for this valuable peace-of-mind program.
The purchase of a Route 66 Extended Warranty is optional and is not necessary in order to purchase or finance a vehicle. In all states except Arizona and Florida, Route 66 Extended Warranty coverage is administered by Auto Services Company, Inc.™ In Arizona coverage is administered by Auto Services Warranties, Inc.(FN), and in Florida coverage is administered by Roadguard V.P.P., Inc. (Florida License #60133). All are located at PO Box 2400, Mountain Home AR 72654, 800 808-0828. All Route 66 Extended Warranty service contracts are reinsured.