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Credit Disability Insurance

Credit Disability Insurance makes payments, up to the contract limit, should an insured member become totally disabled due to a covered accident or illness. 


Benefits
Choosing Credit Disability Insurance should be a part of your financial plan. Families that rely on two incomes can be financially devastated by an unplanned total disability that lasts more than a few weeks. Even if a member has a disability plan through their employer, those plans rarely provide more than 60% to 70% of salary, which helps but still represents a substantial cut in salary at a financially stressful time.
Here are some solid reasons for Disability Payment Protection:

  • Makes loan payments, up to the policy maximum, if a covered disability occurs
  • Helps protect credit rating and collateral
  • Helps reduce the financial burden on borrowers and their families
  • Premium is included in loan payment for added convenience
  • Eliminates separate enrollment forms and physical exams
  • Provides coverage for members up to age 66 and working at least 25 hours per week
  • Recognized as a good consumer value

Consumer Value
Credit Disability Insurance is underwritten by CUNA Mutual Insurance Society

MEMBER'S CHOICE┬« Credit Disability Insurance product consistently exceeds the 60% loss ratio the Consumer Federation of America deems necessary to be a good consumer value. 

Q. Can I change my mind at a later time about if I want to cancel/add insurance?
A. Yes, premiums & coverage can be stopped at any time. If you want to add insurance at a later date you may be required to complete a statement of insurability.

Q. What is the maximum loan size I can insure?
A. The current maximum is $60,000.

Q. How much does this insurance cost?
A. Premiums are just $.18 per $100 of coverage per month for single credit disability (typically our premiums are 30-40% less than non-credit union lenders).

Q. How much insurance do I need?
A. That really depends on individual circumstances. You should consult with a professional advisor to help you review your needs.

Q. Will credit disability insurance pay benefits even if I am receiving other benefits such as workman's comp. and/or sick leave?
A. Yes. Our credit disability insurance provides benefits regardless of other income you may be receiving.

Q. How long do I need to be off work before the benefits begin?
A. The first 14 calendar days of your total disability are not covered. Benefits begin the 15th day of your disability and continue to make your loan payments until you go back to work or until the loan is paid off.

Q. What do I need to do if I have a claim?
A. Simply give us a call & we will start the process for you. 620.669.0177 or 800.428.8472