- Loan Protection Insurance is voluntary and not required to obtain approval for your loan. If you elect to have the protection insurance premiums will be added to your loan balance monthly and will be subject to finance charges at the interest rate applicable to the loan. The protection insurance does not affect, alter, relieve, or otherwise modify the terms of your loan agreement with the credit union.
- You can either elect loan protection insurance for Disability, Life or Both. The maximum age of coverage for Disability is 66 and the maximum age of coverage for Life is 71.
- If you are insured for Disability, the loan protection insurance will pay a benefit if you become medically disabled during the life of the loan. Medically disabled means you are not able to perform most of the duties of your occupation because of a medically determined sickness or accidental injury and are under the care and treatment of a physician. The coverage is not for pre-existing medical disabilities.
- If you die while you are insured for life coverage, the loan protection insurance will give your surviving family members peace of mind knowing that your outstanding insured loan balance will be satisfied.
- You can cancel the insurance coverage at any time for any reason by written request and if you cancel within 30 days after receiving the coverage you will receive a full return of insurance premiums paid.
