• Loan Payment Protection

    Taking out a loan, whether big or small, means responsibility. Sometimes, things happen in life that can make it hard to keep up with payments. That’s why we offer credit insurance? at lower rates than you might find elsewhere.
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Credit insurance can cover your payments

To help you sleep easier, we offer three types of loan insurance products to meet your payment obligations. These types of coverage are available for any loan or line of credit except first mortgages, credit cards, home equity lines of credit and home equity loans.

Credit Disability Insurance for Loans

If you become disabled due to a covered accident or illness, this plan generally makes payments–up to the policy limit–on your VACU loan. You must be working for at least 25 hours a week at the time of election.

Credit Life Insurance for Loans

If you die due to a covered accident or illness before you have repaid your loan, this plan is designed to reduce or pay off your VACU loan balance–up to the policy limit.?

Credit Involuntary Unemployment Insurance for Loans

If you’re laid off or involuntarily unemployed for more than 14 days, this policy helps you cover any loan payments due.? This insurance is only available when purchased with credit life and credit disability and you must be working at least 25 hours a week at the time of election.

Credit Insurance Rates

 
Coverage Selected: Single Rate? Joint Rate?
Credit Life Insurance $0.80 per $1,000 $1.32 per $1,000
Credit Disability Insurance $0.98 per $1,000

$1.62 per $1,000
Credit Involuntary
Unemployment Insurance		 $0.63 per $1,000 $1.02 per $1,000

 

Insurance Maximums

 
Your Maximum: Credit Disability Credit Life Credit Involuntary Unemployment
Monthly Total Benefit $850 N/A Unlimited
Insurance Balance per Loan $70,000 $70,000 N/A
Age Eligible for Insurance 66 70 66

Find out if loan insurance is right for you.

Contact your loan representative for more details.

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