Credit Life & Credit Disability Loan Insurance: Is available on most credit union loans. We have many members who have benefited from adding this coverage to their loans. Credit Life pays off the loan in the event of the borrower’s (or if joint coverage is selected) death. Credit Disability pays your monthly payments in the event you become disabled. You pay a small monthly premium based on the balance of the loan. There is no penalty if you should pay the loan off early. For more details, please call a member service representative.
You can have the same credit life and credit disability coverage on your VISA account that is offered on other loans at the credit union. This coverage can reduce the financial burden you or your family may experience should you die or become disabled. With credit life coverage, the outstanding balance of your VISA account will be paid in full should you die. With credit disability coverage, the minimum payment due on the outstanding balance at the time the disability occurs will be paid until you recover. There is never a premium charged to your account unless there is an unpaid balance, and all premiums are calculated only on the amount of the unpaid balance.
This is a voluntary program and is not required in order to have a VISA. We bring this service to your attention because it is a great product. If you would like this coverage, please call us to get the brochure, check the coverage you want, sign and send it back to us.
CUNA, Credit Union National Association, can provide you with quotes on other insurance needs.
Click on Members Financial Network, (at the bottom of the home page), select the Insurance & Investments tab on the top bar and then click on any of the titles.
Below are examples of what types of coverage is available from CUNA. We can help you with setting up payments on the insurance coverage you choose.
NCUA Deposit Insurance Coverage
The new Statutory Share Insurance law became effective on October 3, 2008, and will remain in place through December 31, 2013. The law provides for an increase in the minimum NCUSIF coverage from $100,000 to $250,000 on member share accounts. This includes all account types, such as regular share, share draft, money market, and certificates of deposits. Individual Retirement Account and Keogh account coverage remains at up to $250,000 separate from other types of accounts owned.
