Loan Payment Protection
Your credit union offers two types of loan payment protection – Credit Disability Insurance and Credit Life Insurance from Member's Choice®.
What is Member's Choice Credit Disability and Credit Life Insurance?
It’s a way to help protect your loan. There’s no way to predict an injury, illness or an unexpected death, but you can take steps along the way to make sure your family is provided for if the unforeseen were to happen to you. Member's Choice Credit Disability and Credit Life Insurance may help make your loan payment so your loved ones don’t have to.*
How does it work?
The premium is included in your monthly payment. If you have a balance on your loan and are totally disabled due to a covered injury or illness or in the event of your unexpected death Member's Choice Credit Disability and Credit Life Insurance may help.* By taking a few simple steps while signing your loan paperwork, you’re taking responsibility for your family’s financial future. Your loan officer can show you how. You won’t receive extra bills or statements; everything is included in your monthly payment.
You can cancel coverage at any time if you change your mind. If coverage is cancelled within the first 30 days you will receive a full refund. If at any point you have questions, or if your family needs to file a claim, simply contact your credit union. Coverage is immediate for eligible borrowers.
Why is it valuable?
Member's Choice Credit Disability and Credit Life Insurance work in two different ways. You and your family may not have to make loan payments if you’re totally disabled due to a covered injury or illness. It may help pay your loan until you’re no longer totally disabled, or in the event of your unexpected death, it may help pay off the loan.* Savings, salary, or payoffs from other life insurance may be used for other important things, giving your family financial freedom when they need it most.
Enroll in Credit Disability and Credit Life Insurance today! Call (513) 523-8888 for a free quote.
*Up to your policy maximums: per terms and conditions and exclusions on your Credit Insurance Certificate.
Payment protection is credit insurance coverage on your installment payments, offering Credit Disability protection and Credit Life protection. Credit Disability and Life or Loan Protection insurance is not insured, underwritten, issued or guaranteed by NCUA or any other federal government agency and that there is no requirement to purchase insurance as a condition of the loan.
Be sure to read the Credit Insurance Application and Credit Insurance Certificate which will explain exact terms, conditions, and exclusions of the policy. Only a licensed insurance agent may provide consultation on your insurance needs. This is a voluntary insurance product. Your financing outcome is not based on your selection of this product. Claims may be filed by contacting your credit union. Member's Choice® Credit Disability and Credit Life Insurance are underwritten by CMFG Life Insurance Company.
Certain credit restrictions apply for loans. Subject to a Loan Processing fee of $65.00 for secured loans, $40.00 for unsecured loans. Fees may be assessed for late loan payment; for a complete list of possible fees, see the Fees page. Rates, terms, conditions and product components are subject to daily change without notice.