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Credit Disability Insurance


Protect the Ones You Love

Credit Disability Insurance underwritten by CMFG Life Insurance Company is a way to help cover your family. You never know when an unexpected Total Disability due to sickness or accidental injury could occur. But, you can help plan for the unexpected with Credit Insurance. 

Why it’s great

  • Simplified enrollment process
  • Reduces financial burden up to contract maximums in the event of a covered disabling event. 
  • Credit Disability Insurance could help make you feel more secure
 

What to know

  • Credit Disability Insurance is designed to help you meet your financial obligations to the credit union and may make a payment up to policy maximums when a covered sickness or accidental injury occurs.

  • If you're out of work for 14 days or more and suffer a covered unexpected injury or illness, your loan payments may be made, up to policy maximums

  • Maximum age of borrower is 70 years
  • Maximum term eligible is 120 months
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How to get yours

Tell your Personal Financial Officer that you’d like Credit Disability Insurance before loan closing to add this coverage to your loan.











THREE STEPS TO GREATER SECURITY

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WHAT IS CREDIT DISABILITY INSURANCE?
It’s a way to help cover you and your family. There’s no way anyone can prepare for a Total Disability as a result of sickness or accidental injury, but you can take steps along the way to help make sure your family is provided for if the unforeseen were to happen. Credit Disability Insurance may help pay your loan when you and your family need it most.

HOW DOES IT WORK?
The premium is included in your monthly loan payment. If you have a balance on your loan at the time of a Total Disability, Credit Disability Insurance may help. By taking a few simple steps while signing your loan paperwork, you’re helping take 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 within the first 30 days for a full refund of any premiums paid. If at any point you have questions, or if you need to file a claim, simply contact your credit union. Once you complete the loan documents, coverage begins for eligible borrowers.

WHY IS IT VALUABLE?
Credit Disability Insurance may help pay your loan while you’re disabled due to sickness or accidental injury. Regular disability insurance only covers a fraction of your salary and that’s if you qualify. This helps close the gap. It’s a safety net for your family so they don’t have to use savings while you’re Totally Disabled or Totally Disabled due to sickness or accidental injury.

Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company (Home Office: Waverly, IA), is optional to purchase 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 Group Policy for a full explanation of the terms. Base Policy Nos. CI-MP-POL, CI-SP-POL, B3a-830-0996, B3a-800-0695, B3a-800-0288, CI-MP-CE-POL; CI-MP-OE-CC-POL; CI-MP-OE-POL; B3a-800-0992.

CDCL-6913248.1-0824-0926

FAQs

Your insurance charge is determined by applying the appropriate insurance rate to your outstanding loan balance, up to the policy maximums, depending on the coverage you elected.

No, it is not required as part of loan approval.

You are eligible to enroll in coverage up to 70 years of age. Insurance will automatically terminate on the last day of the month during which you reach the termination age of 70.

Certain pre-existing conditions are not covered.  Ask your personal financial officer for more information.