Unexpected events can cause great distress. We want to help ease the burden they can cause. With our Traditional Life Plan and our Full Protection Plan, we'll help with your loan payments while you go through these difficult times.

Full Protection Plan

Involuntary Unemployment

• Cancels up to six monthly payments after a 30-day elimination period
• Coverage is active after 90 days
• Does not apply to a discharge from active military service, retirement, quitting or resigning, due to criminal activity, normal or seasonal shutdown or job interruption of any kind, disability caused by sickness or injury, strike, job lock out or labor dispute, self-employed individuals, or as a result of any act of war

Disability

• Cancels up to six monthly payments after a 30-day elimination period
• Does not apply to a normal pregnancy, normal childbirth, elective abortion, intentional self-inflicted injury, pre-existing conditions within six months, or an act of war

Death

• Cancels up to six monthly payments from the date of passing of either the borrower or the joint borrower
• Cancels up to twelve monthly payments if both the borrower and joint borrower pass at the same time
• Does not cover if due to suicide within the first two years; war or any act of war declared or undeclared; or a pre-existing condition within six months of protection

Eligible Loans

• Installment loans, credit cards, lines of credit, home equity loans, share-secured loans (pledge loans) and closed-end second mortgage loans (15-year maximum on installment and closed- end second mortgages)

Eligibility Requirements

• Borrower and joint borrower are under 70 years old and presently employed
• Must not be working less than 24 hours per week, self-employed or receiving or have received unemployment benefits within the past two years

Other Key Points:

• Benefits are not retroactive. You would be responsible for the first monthly payment after the effective date of the claim.
• The credit union provides extension programs to assist you or your family through this period.
• Protection ends when the borrower reaches the age of 70.
• The maximum monthly payment is $1,000.
• The maximum payout for multiple occurrences of disability and involuntary unemployment is $15,000.
• Rate: $3.43 per $1,000 per month. There is no additional cost to protect the joint borrower.

Traditional Life Plan

Death:

• Cancels the balance of your loan up to $75,000 upon the passing of the borrower, the joint borrower or both
• Does not cover pre-existing conditions of illness or disease within six months of protection; suicide within the first two years of protection; war or any act of war declared or undeclared

Eligible Loans:

• Installment loans, credit cards, lines of credit and share-secured loans (pledge loans) are eligible (15-year maximum on installment and closed- end second mortgages)
• Neither a revolving home equity line of credit nor a closed-end second mortgage is eligible for this plan

Eligibility Requirements:

• Borrower and joint borrower are under 70 years old

Other Key Points:

• Benefits begin from the date of death
• The credit union provides extension programs to assist your family through the initial waiting period
• Protection ends when the borrower reaches the age of 70
• Rate: $0.99 per $1,000 per month. Co-borrower coverage is at no additional cost.
  

To sign up for this plan, please consult with one of our loan representatives at any of our branches, or call us at (602) 683-1000.