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As a Credit Union member, you are entitled to receive $1,000 of 24-hour Accidental Death & Dismemberment Insurance at NO COST to you. We pay the premiums!
All Credit Union members age 18 or older when applying are eligible for coverage. (At age 70, coverage is reduced to $500). Additional coverage is available at an additional cost.
For complete details regarding coverage, ask us for an Accidental Death & Dismemberment Insurance enrollment form.
Unpleasant though it is, have you ever considered how your family will manage if you cannot make your loan payments due to death or disability?
To protect our members and their families, we offer Credit Life and Disability Insurance. The affordable premiums can be financed with your loan. No physical examination is required as long as you meet eligibility requirements.
Credit life insurance pays off the scheduled balance of your loan in the event of your death. In this way, your loved ones are protected. Your family can maintain the quality of life to which they are accustomed
If you suffer an injury or illness, credit disability insurance will make your payments until you can return to work or until the loan is paid off, whichever comes first. This insurance makes non-taxable payments directly to the Credit Union. It also pays benefits regardless of any other benefits you may receive. Hospitalization is not required.
Please refer to your certificate for a complete explanation of benefits.
Guaranteed Auto Protection (GAP) is a Loan Deficiency Waiver designed to eliminate your unpaid net loan balance in the event your vehicle is stolen or damaged beyond repair (totaled). The GAP waiver fills the financial GAP that may exist between the market value of your vehicle and the amount you still owe on it.
Any vehicle, whether new or used, begins to depreciate the moment you drive it off the dealership lot. In addition:
This is why GAP is so important.
For example, say the worst happens and you are involved in an accident only one year after purchasing your vehicle. The insurance company declares it a total loss and reimburses you $11,000, which is the current fair market value of a one-year-old vehicle of this make and model. However, you still owe $15,000 on the vehicle - leaving a "GAP" of $4,000!
The GAP waiver solves this problem. It covers the difference between the actual cash value of the vehicle (primary insurance company settlement) plus up to $1,000 of your deductible and the outstanding loan balance at the time of the loss, less certain deductions.
No one expects his or her vehicle to be stolen or totaled. However, GAP is a practical way to prepare for the unexpected.
*The GAP waiver does not cover every vehicle-related expense. Contact the loan department for a complete description of the GAP policy.