Optional Loan Protection
CREDIT LIFE AND CREDIT DISABILITY INSURANCE
Credit insurance may make your loan payments when you can’t
- WHAT IS MEMBER'S CHOICE™ CREDIT DISABILITY & CREDIT LIFE INSURANCE?
It's a way to protect your loan. There's no way to predict an injury, illness or your unexpected death, but you can take steps along the way to make sure your family is provided for if the unforseen were to happen. MEMBER'S CHOICE™ Credit Disability and Credit Life Insurance may help to pay your loan so you or your loved ones don't have to.*
- HOW DOES IT WORK?
The premium is included in your monthly payment. If you have a balance on your loan and are totally disabled due to a covered injury or illness or in the event of your unexpected death, MEMBER'S CHOICE™ Credit Disability and Credit Life 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 coverage at anytime if you change your mind. If coverage is canceled within the first 30 days you will receive a full refund. If at any point you have questions, or if your family need to file a claim, simply contain Big Island FCU. Coverage is immediate for eligible borrowers.
- WHY IS IT VALUABLE?
Credit Disability and Credit Life Insurance may help reduce or pay off your covered loan, up to the policy maximum, in the event of a covered life event, injury, illness or death. Savings, salary, or payoffs from other life insurance may be used for other important things, giving your family financial freedom when they need it.
*Up to your policy maximums; per terms and conditions and exclusions on you Credit Insurance Certificate.
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. CDCL-1811378.1-0617-0719
GUARANTEED ASSET PROTECTION (GAP)
Will you owe more on your vehicle loan than your vehicle is worth?
MEMBER'S CHOICE™ Guaranteed Asset Protection (GAP) is an optional protection product made available by Big Island FCU. In the event of a total loss, GAP is designed to cancel the difference between your primary insurance settlement and the outstanding loan balance, up to the contract maximums. For more information, call or visit the Credit Union.