Credit Insurance Products
MEMBER’S CHOICE® Credit Disability Insurance is voluntary coverage plan that may help make monthly insured loan payments, up to the policy maximum, should you become totally disabled due to a covered injury or illness.
MEMBER’S CHOICE® Credit Life Insurance is a voluntary coverage that can help to pay off or reduce an outstanding loan balance, up to the policy maximum, in the event a covered member dies before the loan is repaid.
Your purchase of MEMBER’S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company (Home Office: Waverly, IA), 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. Base Policy Nos. CI-MP-POL, CI-SP-POL, B3a-830-0996, B3a-800-0695, B3a-800-0288, CI-MP-CE-POL; CI-MP-OE-CC-POL; CI-MP-OE-POL; B3a-800-0992. Claims may be filed by contacting your credit union. If you have questions regarding your claim status, contact CMFG Life at 800.621.6323. Only a licensed insurance agent may provide consultation on your insurance needs. CDCL-4337030.1-0222-0324
GAP (Guaranteed Asset Protection)
If your vehicle is in an accident and is declared a total loss, most insurance companies will only pay up to the book value of the vehicle. Since new cars drop in value the moment they leave the car lot, the book value is often less than the amount that is owed. If a car is wrecked, the borrower is responsible for the difference between what the insurance company pays and what is owed on the car. GAP may reduce or eliminate this amount for you if your vehicle is wrecked.
EXTRA BONUS: If you have to use GAP, it even gives you a $1000.00 down payment on your next auto loan with 802 Credit Union. First the loan is made and then it is submitted to our GAP provider, which in turn sends a check for $1000.00 to pay down on your loan.
For more details and current pricing on GAP, please contact your Credit Union loan representative.