Taking out a loan, whether big or small, means responsibility. Sometimes, things happen in life that can make it hard to keep up with payments. That’s why we offer credit insurance1 at lower rates than you might find elsewhere.Credit insurance can cover your paymentsTo help you sleep easier, we offer three types of loan insurance products to meet your payment obligations. These types of coverage are available for any loan or line of credit except first mortgages, credit cards, equity lines of credit and loans with a term of greater than 10 years. Credit Disability Insurance for LoansIf you become disabled due to a covered accident or illness, this plan generally makes payments–up to the policy limit–on your VACU loan. You must be working for at least 25 hours a week at the time of election.Credit Life Insurance for LoansIf you die due to a covered accident or illness before you have repaid your loan, this plan is designed to reduce or pay off your VACU loan balance–up to the policy limit.2Credit Involuntary Unemployment Insurance for LoansIf you’re laid off or involuntarily unemployed for more than 14 days, this policy helps you cover any loan payments due.3 This insurance is only available when purchased with credit life and credit disability and you must be working at least 25 hours a week at the time of election.1 Credit Life and Credit Disability Insurance are underwritten by CMFG Life Insurance Company. Credit Involuntary Unemployment Insurance is underwritten by CUMIS Insurance Society, Inc. Your purchase of the Insurance is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply. Please contact your loan representative or refer to the Group Policy for a full explanation of the terms. Base Policy Nos. CI-MP-POL, CI-SP-POL, B3a-830-0996, B3a-800-0695, B3a-800-0288, CI-MP-CE-POL; CI-MP-OE-CC-POL; CI-MP-OE-POL; B3a-800-0992. CDCL-3037574.1-0420-05222 Credit Life and Credit Disability Insurance are underwritten by CMFG Life Insurance Company. Credit Involuntary Unemployment Insurance is underwritten by CUMIS Insurance Society, Inc. Your purchase of the Insurance is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply. Please contact your loan representative or refer to the Group Policy for a full explanation of the terms. Base Policy Nos. CI-MP-POL, CI-SP-POL, B3a-830-0996, B3a-800-0695, B3a-800-0288, CI-MP-CE-POL; CI-MP-OE-CC-POL; CI-MP-OE-POL; B3a-800-0992. CDCL-3037574.1-0420-05223 Coverage provides a maximum of six months of benefit in any 12 month period. You may qualify for a second event if you return to work for at least 25 hours a week and then have an involuntary loss of employment after 12 calendar months from the prior event. Credit Insurance RatesCredit Insurance RatesCoverage SelectedSingle Rate4Joint Rate5Credit Life Insurance$0.059 per $100$0.097 per $100Credit Disability Insurance$0.102 per $100$0.168 per $100 Credit InvoluntaryUnemployment Insurance$0.063 per $100$0.102 per $1004 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.5 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 MaximumsInsurance MaximumsYour Maximum:Credit DisabilityCredit LifeCredit Involuntary UnemploymentMonthly Total Benefit$850N/AUnlimitedInsurance Balance per Loan$70,000$70,000N/AAge Eligible for Insurance667066 Find out if loan insurance is right for you.Contact your loan representative for more details. Visit a branch or call us at 804-323-6800. Call us at 804-323-6800 Loan Payment Resources See More Resources How much will my loan payments be?Use this calculator to compute the payment amount (principal and interest) for a fixed rate loan.
How much will my loan payments be?Use this calculator to compute the payment amount (principal and interest) for a fixed rate loan.