Credit
Life Protection
Credit Life insurance reduces or pays off
your loan balance if you die.
Benefits:
$ 50,000
maximum coverage per member.
Joint Coverage available for co-borrower.Rates:
Open-End
- $0.68
per $1,000 of Single Coverage
- $1.16
per $1,000 of Joint Coverage
Closed-End
- $0.51
per $1,000 of Single Coverage
- $0.89
per $1,000 of Joint Coverage
Based
on monthly outstanding loan balance.Eligibility:
- Maximum
Age to Apply: 69 years of age
- Maximum
Loan Term: 120 months
- Health
questions must be answered NO to be eligible
Termination
Age:
- OPEN
END loan coverage terminates at age 70.
- CLOSED
END loan coverage terminates at age 70.
Maturity
date of loan payoff date:
Maturity Loan Term: 120 monthsExclusions:
- Suicide
in the first six months of Plan
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Credit
Disability Protection
Credit disability insurance takes over the loan payments
(up to the policy maximum) if you should become disabled
for 30 days or more and will continue to make payments until
you return to work.
Benefits:
- $
500 maximum monthly benefit per loan.
- 30-day
waiting period before member qualifies for disability
benefits.
- Benefits
are paid from the thirty-first day of disability.
Rates:
- $2.53
per $1,000 based on monthly outstanding balance
Eligibility:
- Primary
borrower
- Maximum
Age: 65 years of age
- Maximum
Loan Term: 120 months
- Working
for wages 30 hours or more per week on the effective date
of advance of coverage.
Health
questions must be answered NO to be eligible.Termination
Age:
- OPEN
END loan coverage terminates at age 66.
- CLOSED
END loan coverage terminates at age 66.
Maturity
date of loan payoff date:
Maturity Loan Term: 120 monthsExclusions:
- Normal
pregnancy or childbirth
- Self-inflicted
injuries
- Pre-existing
condition
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