Credit Life Insurance
Financing to put life within reach.
Taking care of life’s biggest goals is the best reason why our members come to us for affordable financing. And taking care of your family is the best reason why you should get credit life insurance – a low-cost policy that pays off your loan in the event of your death.
Why it’s great
- Improves financial security while protecting your collateral and/or assets
- Reduces the beneficiary’s financial burden in the event of a death
- Offers you and your family peace of mind knowing your family and their standard of living will be protected
What to know
- If you have credit life insurance* on a loan and you pass away for any reason, that loan will be paid in full on your behalf
- To be eligible, you must be actively at work for a minimum of 25 hours per week (otherwise, you must answer health question number one on our application)
- Maximum age of borrower is 70 years
- Maximum loan amount eligible is $75,000
- Maximum term eligible is 120 months
How to get yours
Tell your Personal Financial Officer that you’d like credit life insurance before loan closing to add this protection to your loan.
Need To Crunch The Numbers?
Financial planning is work but it doesn’t have to be hard work. CRCU has a variety of calculators available on our website to help with your financial planning needs!
FAQs
What does it cost?
The cost is based on your loan amount. When your payment is calculated, we calculate the insurance premium.
Do I have to have it?
No, it is not required as part of loan approval.
How many hours a week do I have to work to be considered eligible?
There are no minimum hours, but additional health questions will be required if you work fewer than 25 hours per week.
How will this protect my loan?
If you have credit life insurance on a loan and you pass away for any reason, that loan will be paid in full on your behalf.
Is there an age requirement to be eligible for credit life?
Credit life can cover you up to 70 years of age.
*Your purchase of MEMBER’S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company 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 Group Policy for a full explanation of the terms.