Taking out a loan can feel like taking on a lot of responsibility. For your protection and if the unexpected were to occur, we offer Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company. This insurance is entirely optional, and may cost less than you would pay for similar insurance elsewhere.
The following types of coverage are available separately and together for any loan and line of credit except first mortgages, credit cards, equity lines of credit and loans with a term of greater than 10 years.
What is Credit Life Insurance for Loans?
Credit Life Insurance for loans is designed to reduce or pay off a loan balance (up to the policy limits) if you die before your Virginia Credit Union loan is repaid.
What is Credit Disability Insurance for Loans?
If you become totally disabled due to a covered accident or illness, Credit Disability Insurance for loans generally makes payments (up to the policy limits) on your loan with Virginia Credit Union. You must be working for wages for a minimum of 25 hours a week to select this coverage.
|Single Credit Life
||$0.059 per $100
|Joint Credit Life
||$0.097 per $100
|Single Credit Disability
||$0.141 per $100
|Joint Credit Disability
||$0.233 per $100
- *Read Important Disclosure
*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 $2.95 ($0.059 x 50). The insurance premium is calculated monthly and added to your loan balance.
|Maximum monthly total disability benefit
|Maximum insurance balance per loan account
|Maximum age eligible for insurance
For more information on payment protection on first mortgages, please contact a MEMBERS Financial Services Representative. We are always available if you have questions or need assistance.
Credit Life and Credit Disability Insurance is underwritten by CMFG Life Insurance Company. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative for a full explanation of the terms. CDCL-1321588.1-1015-1117