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. Credit Life Insurance paid off both loan balances within 11 days of the initial claim.
- A member, age 54, had a loss claim pay her $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.
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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.