Member-Pay Credit Life Loan Protection Insurance

Credit life insurance is voluntary and not required to obtain a loan or a credit card.

ELIGIBILITY AND PREMIUMS
Each member obtaining a credit card, making a new loan or refinancing a loan may apply for life insurance coverage, without providing a Statement of Insurability, provided the coverage is applied for within 30 days of the date of the loan. The premiums are paid by the member. The premium will be added to your loan balance each month. Your payment will remain the same. Except with credit cards, which payments are adjusted according to the balance.

You are eligible for life insurance up to the maximum age of 72. Insurance will stop when you reach that age. The applicant and joint applicant may be insured.

CREDIT LIFE INSURANCE COST
Credit life rate per $100.00 of monthly outstanding loan balance is $.060 single and $.105 joint. The rate you are charged for the insurance is subject to change. You will receive written notice before any increase goes into effect. You have the right to stop this insurance by notifying the credit union in writing.  Minimum loan term is 1 month and the maximum term is 120 months.

MAXIMUM COVERAGE PER MEMBER
$50,000.00

PAYMENT OF BENEFITS
Claims are filed by the credit union. The insurance company sends a check to the credit union as allowed in the insurance contract.