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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 loan payment protection,  underwritten by CMFG Life Insurance Company1, at lower rates than you might find elsewhere.

 

Loan insurance can cover your payments

To help you sleep easier, we offer two 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 mortgages2, credit cards, equity lines of credit and loans with a term of greater than 10 years.

 

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 weekly to select this coverage.3

Credit Life Insurance for Loans

If you die before you have repaid your loan, this plan is designed to reduce or pay off your VACU loan balance.4

 

  • 1 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-1386907.1-0116-0218
  • 2 For more information on payment protection on first mortgages, please contact a MEMBERS Financial Services Representative.
  • 3 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 weekly to select this coverage.
  • 4 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-1386907.1-0116-0218. Business conducted with VACUIS is separate and distinct from any business with VACU. VACU is not responsible for products and services purchased through VACUIS or SWBC. Neither VACUIS nor SWBC is insured by NCUA or any federal government agency. Insurance products offered through VACUIS and SWBC are not a deposit of or guaranteed by a credit union or credit union affiliate, and may lose value.

 

Loan Insurance Rates

Loan Insurance Rates
Coverage Selected Single Rate5 Joint Rate6
Credit Life Insurance $0.059 per $100 $0.097 per $100
Credit Disability Insurance $0.113 per $100 $0.186 per $100
  • 5 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.
  • 6 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

Insurance Maximums
Your Maximum: Credit Disability Credit Life
Monthly Total Disability Benefit $850 N/A
Insurance Balance per Loan Account $70,000 $70,000
Age Eligible for Insurance 66 70