Credit Insurance

Credit Life Insurance and Credit Disability Insurance are offered on loans held by the credit union in the event of a member's death or disability in order to protect the member's family from the continued payments.

Below is additional information about the Credit Life Insurance and the Credit Disability Insurance that we offer including the most common features and some eligibility requirements.

Contact the credit union for specific details.

Members, as of January 1, 2015, Credit Life and Disability Insurance rates are set to change. For more information about rate changes, please read the Insurance Change Notification Letter. Feel free to contact the Credit Union with any questions regarding these changes.

Credit Life Insurance

The death of a family's breadwinner is a time of great emotional stress. The trauma is compounded when a family's financial resources are inadequate to pay bills and meet income needs. Offering CUNA Mutual's MEMBER'S CHOICE term life insurance on loans helps members cope with the financial hardships which often result from the death of their loved one.

Features of Term Life Insurance include:

  •  Insured loan balance is paid up to coverage maximum in the event of death
  •  Insurance premium is included in the loan payment
  •  Premiums added to loan balance monthly
  •  Simple enrollment process
  •  Generally no health questions required
  •  All members who are legally responsible for repayment of the loan are eligible,  generally up to age 70
  •  All members pay the same low group rate regardless of their sex, health, tobacco  usage, or occupational/recreational activities
  •  No Statement of Insurability required if insurance obtained within 30 days of loan
  •  Coverage available to insure multiple loans

Credit Disability Insurance

No matter who we are, where we work, or how careful we are, illness or injury can strike. And if a borrower's income stops or is reduced for a significant amount of time, serious financial consequences can be added to an already stressful situation. Offering MEMBER'S CHOICE disability insurance gives members the opportunity to protect themselves.

CUNA Mutual's disability insurance is unique in the insurance industry in providing superior coverage to the widest range of members with the fewest possible eligibility and enrollment limitations.

Features of MEMBER'S CHOICE Credit Disability insurance include:

  •  Coverage pays monthly loan amount, up to the maximum, until the member is no  longer totally disabled, the loan is repaid, or contract maximum is met
  •  Simple enrollment process
  •  Premiums added to loan balance monthly
  •  Health questions not generally required
  •  No statement of insurability required if obtained within 30 days of the loan
  •  Pre-existing condition limitation imposed for limited time period
  •  Product available to all gainfully employed member-borrowers working 25 hours a  week or more
  •  All eligible members pay the same low group rate regardless of their sex, health,  smoker status, or occupational/recreational activities

* All loans are subject to credit approval.
** We reserve the right to change rates at any time.