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Credit Disability/Credit Life Insurance
MEMBER'S CHOICETM term life and disability insurance provides coverage that is immediate and affordable.
Unlike other individual insurance coverages, enrollment is fast and simple since health underwriting and long
applications are not necessary, and eligible members are covered as soon as their loan is finalized. It is available
to all members who meet the simple eligibility requirements regardless of their sex, health, smoker status,
high risk occupation or recreational activities at the same, low price. Premium is added to eligibile
members' loan payment so there's no separate bill to pay.
MEMBER'S CHOICE reduces or pays off the covered outstanding loan balance if the member dies or becomes disabled.
It helps to protect your members' or members' families income, credit history, assets and financial future from
the economic traumas caused by the death or disability. Because it is tied directly to the loan balance, members
only pay for enough insurance to cover their loan payments and this frees up benefits received from other
insurance plans to cover immediate and future income needs.
Hartford Healthcare Credit Union offers the opportunity for members to enroll for these coverages during the
loan process. At that time, the loan officer describes the features and benefits, explains that the insurance is
voluntary and is not a condition in taking the loan and provides the member with all the required insurance cost
disclosures. Members have 30 days in which to decide whether to take the coverage; if they sign up and change their
mind during this period, no premium is owed. Covered members can cancel coverage at any time, but they need to notify
the credit union in writing. Members can take out insurance after the first 30 days, but a Statement of Insurability
is then required.
MEMBER'S CHOICE Term Life and Disability coverages are underwritten by the CUNA Mutual Insurance Society. CUNA
Mutual exclusively serves credit unions and their members.
GAP Insurance
GAP insurance, which is administered by OwnerGuard®, provides protection if your car is stolen, accidentally
damaged beyond repair, or otherwise declared an insured total loss.
Since your insurance company pays the actual cash value of your vehicle at the time of loss - not what the vehicle is
really worth to you - you remain liable for payment of the difference between your insurance company's settlement and
the balance of your loan/lease. This can easily be thousands of dollars. GAP insurance covers this difference!
Protection is provided for the term of your loan/lease up to 84 months, and is applicable for vehicles
valued up to $100,000 at the time of purchase. Benefits are paid up to $50,000, with deductible coverage up to $1,000.
All this - and more - is available at a minimal monthly cost, with protection effective with the execution of all documents!
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