Life Happens. Make a Plan with Loan Insurance!
At the credit union, we offer several options to help insure you in case the unthinkable happens. If you are considering getting a loan with Section 705 or already have a loan with us, these loan insurance options may be a precaution you wish to take. Check out the options below. If you have any questions, call 337-232-8450 option 3.
Debt Protection with Life Plus
Your family means everything to you. And if the unexpected happens, you don’t want an emotionally trying situation to be compounded by financial worry. That’s why there’s Debt Protection, which may cancel your loan balance or payments in case of:
- Involuntary unemployment
For additional protections, Life Plus can extend your Debt Protection to address a wide range of circumstances, giving you the reassurance of knowing you’ve taken steps to help secure your finances.
- Accidental dismemberment
- Terminal illness
- Hospitalization or family medical leave
- Death of a non-protected dependent
Things to know about Debt Protection:
- It’s easy! Simple to apply for and takes effect immediately.
- It’s budget friendly. Comfortably fits into your monthly payment.
- It puts you at ease. Rest easy, knowing you’re taken care of in so many problem situations. Take an
Take an important step toward financial security. Ask us about Debt Protection with Life Plus today.
Your purchase of Debt Protection with Life Plus 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 Member Agreement for a full explanation of the terms of Debt Protection with Life Plus. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid. DP-3395031.1-0121-0423 Cuna Mutual Group© 2021, All Rights Reserved.
GAP Might Be the Answer to A New Vehicle!
GAP Insurance: General Asset Protection (GAP) Insurance covers a lender for the difference between the value of an asset (a car) and the value of the a loan. The borrower pays the premium.
If your vehicle is totaled, the value that your insurance company places on your vehicle may be substantially less than its actual retail value or the amount you owe on your loan. If you add your deductible payment to this amount, you could be left owing thousands of dollars. Obviously, this is not an ideal situation for anyone. Thankfully, 705 FCU has a solution for you.
GAP protection takes care of the difference between the insurance settlement and the loan payoff if there is a deficiency balance left over. Coverage is available on new or used automobiles, motorcycles, watercraft, ATV’s, and travel trailers. The protection covers the original loan amount up to the value lost due to theft, collision, fire or any other insured peril.
In essence, GAP protection is your “Peace of Mind” policy. Knowing that you will not be responsible for any deficiency balance or deductible while having to replace your lost vehicle should be a main concern to push you in the direction of choosing GAP protection plan.
To receive this valuable protection, simply pay an affordable one-time fee, which can also be financed with your vehicle purchase.
For more information or to purchase GAP protection, feel free to contact us today!
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The products offered: (1) are not federally insured; (2) are not obligations of the credit union; (3) are not guaranteed by the credit union or any affiliated entity; (4) involve investment risks, including the possible loss of principle; and (5) if applicable, are being offered by an employee who serves both functions of accepting members’ deposits and the selling of non-deposit investment products.