Credit Disability/Credit Life Insurance
MEMBER'S CHOICETM term life and disability insurance provides coverage that is immediate and affordable. Unlike other individual insurance coverages, enrollment is fast and simple since health underwriting and long applications are not necessary, and eligible members are covered as soon as their loan is finalized. It is available to all members who meet the simple eligibility requirements regardless of their sex, health, smoker status, high risk occupation or recreational activities at the same, low price. Premium is added to eligible members' loan payment so there's no separate bill to pay.
MEMBER'S CHOICE reduces or pays off the covered outstanding loan balance if the member dies or becomes disabled. It helps to protect your members' or members' families income, credit history, assets and financial future from the economic traumas caused by the death or disability. Because it is tied directly to the loan balance, members only pay for enough insurance to cover their loan payments and this frees up benefits received from other insurance plans to cover immediate and future income needs.
Hartford Healthcare Federal Credit Union offers the opportunity for members to enroll for these coverages during the loan process. At that time, the loan officer describes the features and benefits, explains that the insurance is voluntary and is not a condition in taking the loan and provides the member with all the required insurance cost disclosures. Members have 30 days in which to decide whether to take the coverage; if they sign up and change their mind during this period, no premium is owed. Covered members can cancel coverage at any time, but they need to notify the credit union in writing. Members can take out insurance after the first 30 days, but a Statement of Insurability is then required.
MEMBER'S CHOICE Term Life and Disability coverages are underwritten by the CUNA Mutual Insurance Society. CUNA Mutual exclusively serves credit unions and their members.
GAP insurance, which is administered by OwnerGuard®, provides protection if your car is stolen, accidentally damaged beyond repair, or otherwise declared an insured total loss.
Since your insurance company pays the actual cash value of your vehicle at the time of loss - not what the vehicle is really worth to you - you remain liable for payment of the difference between your insurance company's settlement and the balance of your loan/lease. This can easily be thousands of dollars. GAP insurance covers this difference!
Protection is provided for the term of your loan/lease up to 84 months, and is applicable for vehicles valued up to $100,000 at the time of purchase. Benefits are paid up to $50,000, with deductible coverage up to $1,000.
All this - and more - is available at a minimal monthly cost, with protection effective with the execution of all documents!