For your protection, we make available optional Term Life and Disability Insurance through CUNA Mutual Insurance Society. The cost may be less than you would pay for similar insurance elsewhere.

You can choose one or both types of coverage for all loans and lines of credit except first mortgages, credit cards, and equity lines of credit and loans with a term of greater than 10 years.

What is Term Life Insurance for Loans?
Term Life Insurance for Loans generally pays off a loan (up to the insurance contract limit) if you die before your Virginia Credit Union loan is repaid.

What is Disability Insurance for Loans?
If you become disabled due to a covered accident or illness, Disability Insurance for Loans generally makes payments (up to the insurance contract limit) on your loan with Virginia Credit Union. You must work a minimum of 25 hours a week to select this coverage.
 

Coverage Selected	Rate*
Single Credit Life	$0.052 per $100
Joint Credit Life	$0.085 per $100
Credit Disability	$.134 per $100
*Initial premium rate. This is the monthly rate multiplied by the monthly outstanding loan balance on the premium charge date. For example, if you elect single credit life insurance coverage and your loan balance is $5,000, the cost of insurance that month is $2.60 ($0.052 x 50). The insurance premium is calculated monthly and added to your loan balance.

 

Insurance Maximums	Disability	Life
Maximum monthly total disability benefit	$850	N/A
Maximum insurance balance per loan account	$50,000	$50,000
Maximum age for insurance	66	70

For more information on payment protection on first mortgages, please contact a MEMBERS Financial Services Representative. 

Please contact us if you have questions or we can help you in any way.