Credit Life and Credit Disability Insurance can help with your loan payments when the unexpected happens. This coverage is optional, and the premiums are included in your monthly loan payment. This coverage is available to the primary and joint applicants on the loan.
If you are disabled by illness or an accident that is covered by the plan, disability insurance covers your monthly loan payments up to $600 per month. To qualify for this coverage, you must work a minimum of 25 hours per week. The maximum payout is $30,000. Disability insurance is available to members up to the age of 66.
Life insurance pays the balance of a loan in the event of your death. The maximum payout is $30,000. It is available to members up to the age of 70.