Loan Protection Products
Protect your family against the unexpected.
Protect what matters most.
Life can be wonderful, but can become complicated when unplanned things happen. Protect your investment today so you can worry less about your tomorrows.
What’s Available?
- Credit Life Insurance & Credit Disability Insurance*. Life is unpredictable. Credit Life & Credit Disability Insurance protect your loan payments against unexpected disability and covered life events.
Credit Life Insurance may cover your loan balance up to policy maximums if you pass away due to a covered event.
Credit Disability Insurance may cover your loan payments up to policy maximums if you become totally disabled due to a covered event. - GAP (Guaranteed Asset Protection)**. A wrecked vehicle can wreck your finances if you owe more on your loan than your insurance will pay. Our GAP program may reduce or eliminate the gap between what your vehicle insurance will pay and what you owe on your loan.
- Mechanical Repair Coverage (MRC)***. MRC can help pay for covered repairs after the manufacturer’s limited warranty has expired. It can be purchased on a new or used vehicle, whether you buy from a dealer or private party, and the cost can be financed with your loan.
* Your purchase of MEMBER’S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company (Home Office: Waverly, IA), 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. 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.
**Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement you have with Us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid.
***Mechanical Repair Coverage is provided and administered by Consumer Program Administrators, Inc. in all states except CA, where coverage is offered as insurance by Virginia Surety Company, Inc., in WA, where coverage is provided by National Product Care Company and administered by Consumer Program Administrators, Inc., in FL, LA and OK, where coverage is provided and administered by Automotive Warranty Services of Florida, Inc. (Florida License #60023 and Oklahoma License #44198051), all located at 175 West Jackson Blvd., Chicago Illinois 60604, 800.752.6265. This coverage is made available to you by CUNA Mutual Insurance Agency, Inc. In CA, where Mechanical Repair Coverage is offered as insurance (form MBIP 08/16), it is underwritten by Virginia Surety Company, Inc. Coverage varies by state. Replacement parts may be used or remanufactured. Be sure to read the Vehicle Service Contract or the Insurance Policy which will explain the exact terms, conditions, and exclusions of this voluntary product.
CDCL, GAP, MRC-3065880.1-0420-0522
Rates
| Coverage | Type | Cost |
|---|---|---|
| Credit Life Insurance | Single Life | $0.54 / $1,000 |
| Joint Life | $0.87 / $1000 | |
| Credit Disability Insurance | Single Coverage | $1.49 / $1000 |
| Joint Coverage | $2.83 / $1000 | |
| GAP | One-time Premium | $299 |
| MRC | One-Time Premium | Based on vehicle purchased and level of coverage |
Frequently Asked Questions
When is the premium due for GAP?
The premium is due at loan closing, and can be paid or financed in to the loan amount.
Is there a waiting period before a claim can be paid for Credit Life and Credit Disability insurance?
For life insurance, there is no waiting period. There is a 30 day waiting period for disability insurance claim payment.
Is there an age limit for Credit Life or Credit Disability Insurance?
To obtain Credit Life Insurance coverage, the borrower must be under 70 years of age. There is no age limit for Credit Disability Insurance, however the insured must work at least 25 hours per week.
Who can be insured for Credit Life and Credit Disability Insurance?
Borrowers and co-borrowers can both be insured either with individual coverage or joint coverage.
Is Mechanical Repair Coverage (MRC) only available for new vehicles?
No – MRC can be placed on used vehicles 10 years old or newer, with less than 100,000 miles. The vehicle cannot have a salvaged title or be a commercial vehicle.
What is the maximum amount of coverage for GAP?
The maximum is $50,000 per loan.
