Credit Life Insurance? Be Prepared!
Although it may be hard to imagine, accidents can happen to any of us at any time. Getting this coverage is a great precaution to take for anyone whose family’s well-being depends either partly, or wholly, on their ability to provide financially. Below, we’ve answered many common questions that may help you to better understand this insurance and whether or not it’s right for you. If you have any other questions, feel free to contact us anytime to discuss your personal situation with one of our caring staff members.
If you do select insurance, your term will be extended for up to 6 months in order to keep payments low and affordable while protecting your loan with Section 705.
1-What is MEMBER’S CHOICE Credit Life Insurance? It’s a way to help cover your family. There’s no way your family can prepare for an unexpected death, but you can take steps along the way to make sure your family is provided for if the unexpected occurs. MEMBER’S CHOICE Credit Life Insurance helps pay your loan, so your loved ones don’t have to.*
2-How does it work? The premium is included in your monthly loan payment. If you have a balance on your loan at the time of your passing, MEMBER’S CHOICE Credit Life Insurance can help. By taking a few simple steps while signing your loan paperwork, you’re helping take responsibility for your family’s financial future. Remember that you don’t have to do this alone; your loan officer will help you along the way. You won’t receive extra bills or statements; everything is included in your monthly payment.
You’re never stuck with this coverage either! You can cancel within the first 30 days for a full refund, or any time after that if you change your mind. If at any point you have questions, or if your family needs to file a claim, simply contact your credit union. Once you complete the loan documents, coverage begins for eligible borrowers.
3-Why it is valuable? Your family won’t have to make loan payments–MEMBER’S CHOICE Credit Life Insurance will pay off the loan, and your family may not have to make payments from savings, or from other life insurance.* Your life insurance may be used for your family’s other expenses.
Posted in: Loan Insurance