Credit Disability Insurance
 This elective coverage can help make your loan payments if you become totally disabled.
Credit Disability Insurance provides important security for you and your family
Think for a minute...what would happen if you became totally disabled by sickness or accident? Most people don't like to think about it, but we all know it can happen.
That's why we offer you the opportunity to protect yourself and your family with Credit Disability Insurance.
Plan
Credit Disability Insurance makes payments to the credit union to reduce or pay off your loan if you become totally and continually disabled by a covered sickness or accident. This way you can relax without worrying about monthly loan payments. Coverage is available for both open and closed-end loans.
Benefits
If you become totally and continuously disabled by a covered sickness or accident which persists beyond the policy waiting period (30 days), your loan and payment record will be protected. We'll make payments, up to the policy maximum, during your period of disability. Disability benefits are payable for the duration stated in your credit union's contract.
Cost
The cost for Credit Disability Insurance is reasonable. Rates can be quoted when you take out your loan and premimums can be added to your loan payments.
Eligibility *
For Credit Disability, only one member may be insured for any one loan.
Exclusions *
Benefits are not payable for the following disabilities:
- Those that happen before the effective date of coverage.
- Those that result from pre-existing conditions during the first six months. A pre-existing condition is one which caused you to see a doctor within the six-month period prior to the start of your coverage. Disability resulting from that condition won't be covered for the first six months.
* Eligibility and exclusion provisions may vary if you live in a state other than New York, so be sure to ask your loan officer full details on the policies.
Termination
The insurance on your loan will end on the earliest of the following: the scheduled
maturity date of your loan; the date the loan is repaid or refinanced; when the
group policy is terminated; or when you request to stop the insurance. It may also end if you become more than 90 days delinquent on your loan payments to the credit union.
Sign up now: the safe way to borrow
Whether you're taking out a loan or have an existing loan, check with your credit union for additional information about this coverage. Specific details of Credit Disability Insurance are available for review in the group policy at the credit union office. The provisions of the group policy are controlling in all instances.
Monday-Thursday 7a.m. - 8p.m.
Friday 7a.m. - 5pm CT
CUNA Mutual Insurance Society
P.O. Box 391
5910
Mineral Point Road
Madison, WI 53701-0391
World Wide Web: http://www.cunamutual.com
E-mail: members@cunamutual.com
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