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A loan is a commitment, a promise you're expected to keep. If you were to die or become disabled, would your family be able to keep that promise?
Credit Life and Disability Insurance (underwritten by CUNA Mutual Insurance Society), available at Mid-Minnesota Federal Credit Union give you and your family a convenient way help keep your loan repayment promises.
Such insurance can:
Credit Life Insurance
In the event of your death, credit life insurance pays the balance of your loan - either the balance remaining or the policy maximum, whichever is less.
Credit Disability Insurance
If you are to become totally disabled by a covered sickness or accident which persists beyond the policy waiting period, credit disability insurance makes your loan payments for you, up to the policy maximum.
Frequently Asked Questions About Credit Insurance
Q: How much does it cost?
A: You can assure that your loan promises can be kept for a minimal fee. Premiums can be added to your monthly loan payment for your convenience.
Q: How do I qualify for credit life insurance?
A: There is a maximum eligible age that you cannot exceed when you take out the loan.
Q: How do I qualify for credit disability?
A: You may not be older than the maximum eligible age when you take out your loan. Other circumstances may apply, so it is best to visit directly with a Mid-Minnesota loan officer to ask specific qualification questions.
Remember, eligibility, exclusions, benefits, and termination provisions may vary, so it is important to consult a loan officer for complete details on your auto loan payment protection.
Guaranteed Asset Protection (GAP)
Protect your financial well being. Guaranteed Asset Protection (GAP) cancels or reduces the difference between your vehicle insurance company’s settlement amount and the remaining loan amount (directly related to the vehicle purchase), up to the maximums allowed by the credit union and/or state, in the event your vehicle is stolen or damaged beyond repair.
NEW! Credit Life & Disability Insurance Coverage for your MMFCU VISA Credit Card!
Ever use your MMFCU VISA Credit Card to pay for a tune up or to get new tires? Credit Life Insurance can lessen the burden by paying the insured balance on your credit card if you die, up to the policy maximum. Joint credit life insurance is also available to insure the lives of you and a second cardholder, who is jointly and equally responsible for payment of your credit card.
Credit Disability Insurance can make the minimum monthly payment on your credit card if you become totally and continuously disabled, up to the policy maximum.
It's easy to pay - Your VISA statement will show the cost of each month's insurance payment and will be automatically added to your bill. No separate billing or payments are required!
Apply for this insurance by requesting a short application at any of our locations!
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