Consider credit insurance
Disability, serious illness or death can negatively affect a household’s income and instantly change their standard of living, making financial commitments difficult to meet. Struggling to make loan payments on a reduced income is a heavy burden that can be avoided by purchasing optional credit life and/or credit disability insurance.
Credit life is available for members up to age 70. Credit disability coverage is available up to age 65. Additionally, the borrower needs to be working at least 25 hours per week to be eligible for credit disability insurance.
The price is calculated based on a monthly rate per thousand dollars. Please see a loan officer for information.
Answers will be supplied at a later date.
1Your base loan interest rate is determined by credit worthiness and will be reduced by .20% with the purchase of credit disability coverage and/or .10% with the purchase of credit life coverage.
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.
For members insured by credit insurance, coverage terminates on the last day of the month during which you reach the Termination Age of 70 for Credit Life and 66 for Credit Disability.