Credit Disability and Life Insurance
Credit Insurance may make your loan payments when you can’t
Protecting your loan payments against the unexpected such as a disability or covered life event including dismemberment and terminal illness could help you protect more than your finances. It could help lighten the burden for the people you care about. Insure your loan payments today so you can worry a little less about tomorrow. There’s no way to predict an injury, illness or other unexpected life event. You can take steps to protect your family if the unforeseen happens. Credit disability and credit life insurance may help reduce or pay off your covered loan or make your monthly loan payment, up to the policy maximum, in the event of a covered life event, injury, illness or death. You decide which payments you want to protect and the monthly premium may be added to your loan. Coverage is designed to fit your lifestyle, it is totally voluntary, and it won’t affect your loan approval. It’s simple to apply coverage. You can sign up for credit insurance at your loan closing, or anytime you’d like. Give us a call at 1-800-276-5775 ext. 2053 for more information.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Your purchase of MEMBER’S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company, 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 Group Policy for a full explanation of the terms.
CA Only: Claims may be filed by contacting your credit union. If you have questions regarding your claim status, contact CMFG Life at 800.621.6323. California Department of Insurance Consumer Hotline: 800.927.4357. Credit Union License #: [insert credit union license number]
VT Only: Claims may be filed by contacting your credit union. If you have questions regarding your claim status, contact CMFG Life at 800.621.6323. Only a licensed insurance agent may provide consultation on your insurance needs.
CDCL-2039560.1-0218-0320 © CUNA Mutual Group 2018, All Rights Reserved
Mechanical Repair Coverage
As vehicles get older and miles add up, the likelihood for repairs increases. Mechanical Repair Coverage can help you limit out-of-pocket, costs for covered breakdowns.
To research, compare and buy Mechanical Repair Coverage, click here or call 1-877-300-7441, where you can take advantage of:
- Convenience - easy-to-use, 24/7 online shopping experience
- Customer service - expert service through a dedicated call center
- Monthly payments - through a convenient monthly payment plan that fits your budget
Mechanical Repair Coverage is provided and administered by Consumer Program Administrators, Inc. in all states except CA, where coverage is offered as insurance by Virginia Surety Company, Inc., in WA, where coverage is provided by National Product Care Company and administered by Consumer Program Administrators, Inc., in FL, LA and OK, where coverage is provided and administered by Automotive Warranty Services of Florida, Inc. (Florida License #60023 and Oklahoma License #44198051), all located at 175 West Jackson Blvd., Chicago Illinois 60604, 800.752.6265. This coverage is made available to you by CUNA Mutual Insurance Agency, Inc. In CA, where Mechanical Repair Coverage is offered as insurance (form MBIP 08/16), it is underwritten by Virginia Surety Company, Inc. Coverage varies by state. Be sure to read the Vehicle Service Contract or the Insurance Policy, which will explain the exact terms, conditions, and exclusions of this voluntary product. MRC-2341946.1-1218-0121 © CUNA Mutual Group 2018
Guaranteed Asset Protection (GAP) Waiver
Don’t let a wrecked vehicle wreck your finances.
Guaranteed Asset Protection (GAP) is a great way to protect your finances if the value of your vehicle is less than the amount of your car loan. A good rule of thumb is to assume your new vehicle will depreciate more than 20% after the first year you own it, half of which occurs the minute you drive it off the lot.* This leaves a gap between what you owe on your loan and the value of your vehicle if it’s deemed a total loss due to an accident or theft. Our GAP program may reduce or eliminate the gap between what your vehicle insurance will pay and what you owe on your loan. Plus, it helps you get into your next vehicle by reducing your loan at the credit union by $1,000.
Contact us today to learn more about adding GAP Plus to your vehicle loan so you can worry less about tomorrow.
*Car Depreciation: How Much Value Will a New Car Lose? CARFAX, Nov 9, 2018.
Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP), is optional and will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP purchased from state chartered credit unions in FL, GA, IA, RI, UT, VT, and WI, may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in CO, MO, or SC may be canceled at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in IN may be with or without a refund provision. If the credit union offers a refund provision, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP-2454900.1-0319-0421© CUNA Mutual Group, 2019. All Rights Reserved.
Depreciation Protection Waiver (DPW)
Total loss occurrences are at a record high. New or used, depreciation impacts nearly every vehicle on the road today. Developed with the consumer in mind, Depreciation Protection Waiver (DPW) revolutionizes the Total Loss Protection market and provides a new benefit to help protect the "equity" in the auto loan, compared to the "negative equity" protected by Guaranteed Asset Protection (GAP). We have a solution to help protect the invested equity and hedge against the negative impact of depreciation upon total loss.
Benefits of Protection:
- Protection for collision or comprehensive total loss, including theft
- Hedges against the negative impact of vehicle depreciation
- Life of loan protection
- No mileage or year restrictions
- 100% Open Enrollment
- Fully refundable for 60-days
- $1,000 Accidental Death and Dismemberment (AD&D) benefit included
Ideal for those who:
- Finance 90% LTV or less
- Put money down
- Trade in a vehicle
- Receive manufacturer or dealer rebates
- Negotiate purchase price below MSRP
- Make accelerated loan payments
- Desire peace of mind knowing the money invested in a vehicle could be protected in the event of total loss
Depreciation Protection kicks in if a vehicle is ever totaled or stolen and not recovered at anytime over the life of the loan. It waives some or all of the loan balance in the event of the total loss of the vehicle. The waiver benefit is equal to the difference between the vehicle’s MSRP or retail value at the time of DPW purchase, less the amount of the loan balance at the time of total loss (not to exceed the lesser of the DPW addendum limit or the outstanding loan balance at the time of loss). $5,000 and $10,000 waiver benefits available.
Give us a call at 1-800-276-5775 ext. 2053 for more information.