Income and Loan Payment Protection
Insure Your Ability To Earn A Living
You insure your home, car and other valuable possessions, so why wouldn't you insure your ability to earn a living?
Many people believe life insurance is their family's financial safety-net if a "breadwinner" passes away. Take this quiz to help determine whether life insurance is enough for your family. Then ask your loan officer about covering your next loan.
Accidental Death & Dismemberment Insurance (AD&D)*: (Learn More)
THE FACTS**- According to the Social Security Agency, during 2010, accidents were the #1 cause of death for those under age 41.
- Accidents were the 5th leading cause of death, in the US, for all ages.
- According to the LIFE Foundation (a non profit organization) study in 2010, 70% of working Americans couldn’t go a full month following an unexpected tragedy before financial difficulties would set in
AD&D PROVIDES INSURANCE IN THE EVENT OF ACCIDENTAL DEATH OR LOSS OF LIMBS.
For an affordable rate, you can get up to $300,000 of protection. No medical exams are required, and coverage is guaranteed as long as premiums are paid. In addition, AD&D provides the following benefits (benefits may vary by state):
- Affordable premiums
- Family plans that insure you, your spouse and children
- Double benefit payment for covered loss while a passenger on public transportation
- Built-in inflation protection
- College funding assistance when a covered accident occurs
- Coverage if you lose a limb, your sight or hearing in an accident
*Insurance is underwritten by CUNA Mutual Insurance Society, Waverly IA. This insurance is not a deposit and is not federally insured or guaranteed by the credit union. The total amount of Accidental Death and Dismemberment additional coverage you may have with us, for all certificates, is $500,000. Other coverage amounts are available. Coverage is reduced by 50% at age 70. Your credit union enables this insurance program to be offered and is entitled to compensation from CUNA Mutual Insurance Society for doing so. Coverage may not be available in all states.
** Source: National Safety Council Injury Facts 2007 Edition
Credit Life Insurance* (Learn More)
Credit Life Insurance reduces or pays off your outstanding loan balance, up to the policy maximum, in the event of death. It’s convenient, economical, flexible and tailored to your specific needs. It offers these advantages:
- Protection for your dependants.
- Reduction or pay off of your covered loan balance.
- Helps protect credit rating.
- No complicated enrollment forms or physical exam.
- Convenience of including premium in your loan payment.
- Cover against repossession.
* Your purchase of credit life insurance, underwritten by CUNA Mutual Insurance Society, is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Policy Agreement for a full explanation of the terms.
Credit Disability Insurance* (Learn More)
THE FACTS**- Your chances of becoming disabled are probably greater than your realize…studies show that a 20-year-old worker has a 3-in-10 chance of becoming disabled before reaching retirement age
- The average time for Social Security processing of new disability claims is over 3 months.
- Approximately 70% of Social Security Disability claims fail on the first attempt, increasing the total process time.
Credit Disability Insurance makes your monthly loan payment, up to the policy maximum, should you become totally disabled due to a covered illness or injury. It’s convenient, economical, flexible and tailored to your specific needs.
- Makes your covered loan payments if you become totally disabled.
- Helps protect credit rating and collateral.
- Reduces financial burden during recovery.
- Requires no complicated enrollment forms or physical exam.
- Offers the convenience of premium included in your loan payment.
* Your purchase of credit life and disability insurance, underwritten by CUNA Mutual Insurance Society, is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Policy Agreement for a full explanation of the terms.
** Source: www.socialsecurity.gov – February 2011
