Insurance on savings & Loans like no one else does; Because its FREE!
Insurance ensures the safety of loans in the event of untimely death or disability of a member.
Loan Protection Insurance is provided for the loans of members against the member’s death (up to age 70) or total disability (before age 60).
Only those members who qualify will be insured under this policy. For instance a member does not qualify for insurance on his loan if the loan was made on or after age 70. His/her insurance will also stop when he/she reaches this age.
Insurance is provided on the lives of members at no cost to the member and is based on the unpaid balances of their loans up to a limit of $100,000. If a member becomes permanently disabled while he/she is insured under this policy, the balance of his/her loan will be repaid on the same basis as a death claim.
Insurance enables members to better provide for their families. Through regular savings, members are able to enhance their beneficiaries’ estates.
A member does not qualify for insurance after age 70. His/her insurance will also stop when he/she reaches this age.
This policy provides insurance on the lives of members of Central at no cost to the member for savings up to a limit $50,000. The amount of insurance is based on the following schedule of benefits:
|Account Balance Between||Insurance Benefit Paid|
|0 – 6 months||25% of the insured savings balance|
|6 months – 54 years||100% of the insured savings balance|
|55 – 59 years||75% of the insured savings balance|
|60 – 64 years||50% of the insured savings balance|
|65 – 69 years||25% of the insured savings balance|
|70 years or older||0% of the insured savings balance|
Please Note: Settlement is made not later than three (3) months after receipt of all claims. Beneficiaries should inform the Credit Union of members' death immediately and file LS/LP claims promptly. Passbooks, death and birth certificates are required for filing. All claims are subject to review by CUNA and are based on their terms & conditions.