Memorial Health Credit Union offers its members Payment Protection credit life and credit disability insurance through CUNA Mutual Group. This coverage includes the following features:
- Credit Disability makes a member's payment to the credit union if the member is unable to work due to an illness or an accident. The premium is paid by the member and insures the primary borrower or the co-borrower.
- Credit Life pays off the member's outstanding loan balance if the member dies during the term of the loan.
- Credit Life "At Work Clause" – If a member is a homemaker, retiree or student, they are eligible for Credit Life Insurance only if they are performing all of the usual duties of a homemaker, retiree or student in the normal manner on the date of the initial advance and are not receiving disability benefits from any source.
- Expiration of Insurance: On the date of death; on the date the loan is transferred to another creditor; on the date the loan stops; on the last day of the month the credit union is notified by the member to terminate insurance; when the member reaches the maximum age; or the last day of the month in which the loan is three months past due.
Features and prices of Payment Protection are summarized below:
|Credit Disability||Credit Life|
|PLAIN TYPE||14 Day Retro||PREMIUM METHOD||Level Rate|
|Max. Coverage Per Loan||$30,000.00||Max. Coverage Per Loan||$30,000.00|
|Maximum Term||120 Months||Maximum Term||120 Months|
|Maximum Monthly Benefit||$600||Rates||SingleL $0.07/$100
|Age Requirement||Under 66*||Age Requirement||Under 71*|
|Working Requirement||25 hours/week||Working Requirement||See Above|
|EXCLUSIONS||Normal Pregnancy||EXCLUSIONS||12 month suicude
At Work Clause
Payment Protection: Concerns and Benefits
If you're like most people, you've probably heard arguments against buying credit life or disability insurance. But take a closer look. Here are some reasons people think they don't need credit life and disability insurance, along with explanations of the real benefits of this coverage.
|I have other coverage.||
Payment Protection will specifically cover your credit union loan payment. That's one less worry for you.
|I'm healthy. I don't need disability insurance.||
Accidents, not poor health, are the leading cause of disabilities.
|It's too expensive.||
You can't afford not to have this protection.
|We don't need insurance. We have a dual income.||
What if something happens to you and your spouse at the same time?
|I'm just not interested.||
Please think about this...