Loan Payment Protection

Give yourself some peace of mind.

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.

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

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

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

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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-3037574.1-0420-0522
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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.
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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 $4.00 ($0.80 x 5). The insurance premium is calculated monthly and added to your loan balance.