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Loan Payment Protection
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 insurance? at lower rates than you might find elsewhere.
Credit insurance can cover your payments
To 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, home equity lines of credit and home equity loans. Looking for Credit Card insurance? We have that, too! Learn more by going to our Credit Card Payment Protection page.
Credit Disability Insurance for Loans
If 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 Loans
If 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.?
Credit Involuntary Unemployment Insurance for Loans
If you’re laid off or involuntarily unemployed for more than 14 days, this policy helps you cover any loan payments due.? 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.
Credit Insurance Rates
| Coverage Selected: | Single Rate? | Joint Rate? |
|---|---|---|
| Credit Life Insurance | $0.80 per $1,000 | $1.32 per $1,000 |
| Credit Disability Insurance | $0.98 per $1,000 |
$1.62 per $1,000 |
| Credit Involuntary Unemployment Insurance |
$0.63 per $1,000 | $1.02 per $1,000 |
Insurance Maximums
| Your Maximum: | Credit Disability | Credit Life | Credit Involuntary Unemployment |
|---|---|---|---|
| Monthly Total Benefit | $850 | N/A | Unlimited |
| Insurance Balance per Loan | $70,000 | $70,000 | N/A |
| Age Eligible for Insurance | 66 | 70 | 66 |
