Credit Life Insurance & Credit Disability Insurance

MEMBER’S CHOICE^® Credit Insurance provides members with a way to plan for unanticipated financial hardship that could jeopardize your dreams and standard of living. In addition to product basics and administrative information outlined below, you may also be interested in:

What are the different types of Credit Insurance? Underwritten by CUNA Mutual Insurance Society

• Credit Life - Pays off or reduces the eligible loan balance in the event of member’s death
• Credit Disability - Makes loan payment(s) up to policy maximum in the event of total disability caused by covered injury or illness
• Single Credit Disability - Covers loan payment(s) if a primary income earner, who is the covered borrower on a loan, becomes totally disabled
• Joint Credit Disability - Covers loan payment(s) if dual-income earners, who are the covered co-borrowers on a loan, become totally disabled

How does it help?

With Credit Insurance, if the unexpected was to occur, you may be able to:

Keep paying bills - If income is lost or reduced during times of financial hardship, payments for covered assets are made, freeing up income to pay other household bills

Help save financed assets - A family’s standard of living is preserved, their savings account isn’t depleted, and their financed assets are saved

Help maintain their credit rating - A member's credit rating is protected by ensuring loan payments are made on financed assets—the ability to get future credit is not compromised

The information on Credit Disability and Credit Life insurance taken from the Member View Calculator -

Disability and Term Life Protection
Adding disability and term life on your loan ensures your payments will be made up to the policy limits, in the event of a covered disability or death. How do you know whether you should protect your loans with low cost, convenient MEMBER’S CHOICE payment protection? Consider these questions: Disability Questions: 1. Do you currently spend almost everything you earn? 2. What percentage of your income is covered by long-term disability insurance? How long before long-term disability benefits starts? What other resources do you have?
3. If you became disabled, how long could you afford your existing standard of living without incurring debt or disrupting your long range savings plans? Life Questions: 1. How many years of replacement income does your current life insurance provide? 2. What happens to your family’s standard of living once this replacement income is gone? 3. How will your new loan affect your life insurance needs? MEMBER’S CHOICE Credit Disability and Credit Life are important for protecting your credit rating, collateral and your peace of mind. Because even with employer and government sponsored insurance, significant gaps remain. With MEMBER'S CHOICE you can help ensure your dreams don't become nightmares