|
 |
 |
Loan Protection |
|
       |
|
We provide, for free, on all loans (total of loans can not exceed $20,000.00 and loans must be in claimant's name) loan protection insurance.
Loan protection insurance provides two types of coverage to you.
One type of coverage is the "Total and Permanent Disability" Loan Protection Insurance. What kind of coverage is this and how will it affect you? It means, that in the event of your doctor declaring that you are totally and permanently disabled and can no longer work, all loans (total balance not exceeding $20,000.00) will be paid by the credit union's insurance company.
The other type of coverage provided with the Loan Protection Insurance is in the event of a member's death. All loans (total balance not exceeding $20,000.00) will be paid by the credit union's insurance company.
Certain restrictions apply. Balances will not be paid after member reaches age 60. Insurance company will use balances prior to 60th birthday. Loans made within 6 months prior to member being declared disabled or loans made after member declared disabled will not be paid.
If member has received payment through total and permanent disability, they will not be eligible for loan protection payment at death. |
|
