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Loan Payment Protection

For your protection, we make available optional Credit Life and Credit Disability Insurance underwritten by CMFG Life Insurance Company. These products are voluntary and are not required to obtain credit. 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 Credit Life Insurance for Loans?

Credit Life Insurance for loans reduces or pays 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, 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.

Coverage Selected Rate *
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.

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