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Credit Insurance

Life can get complicated when unforeseen events occur. Covering your loan payments against qualifying life events and unexpected disability with credit insurance could help cover more than your finances. It could help lighten the financial burden for the people you care about most.

Coverage basics and benefits

Credit insurance (underwritten by CMFG Life Insurance Company) is available on most personal loan products.1 Coverage is available as a one-time option that you must select at loan origination. You cannot add coverage or change your coverage option after your loan has been originated.

Credit insurance coverage includes the following benefits:

  • Cancel within 30 days for a full refund2,3

  • $600 maximum insured monthly loan payment

  • $50,000 maximum insured loan balance

  • Coverage available up to age 704

  • Coverage can be canceled any time, for any reason, by written request2,3

Credit Life Insurance

Credit Life Insurance may pay up to $50,000 toward an outstanding loan balance in the event of an insured’s death, accidental dismemberment, or certified diagnosis of a terminal illness.5 Single or joint6 coverage is available on auto loans, Open-End and Closed-End Signature Loans, Share-Secured Loans, and Term Note Loans.

Credit Disability Insurance

Disability coverage may pay up to $600 a month toward your loan payment in the event you become disabled.7 You must be disabled for at least 30 days to qualify for benefits. After 30 days, the policy coverage is retroactive to the first day of disability and benefits are paid according to the policy certificate.



 

Credit Disability Insurance is not available as a stand-alone coverage option; it must be selected in conjunction with single or joint Credit Life Insurance.8

  1. Credit Insurance is not available on Visa® credit cards, Salary Advance Loans, or real estate-secured loans.
  2. You are entitled to a full refund of premium (if a premium was charged) for cancellation of coverage within the first 30 days of loan origination. Cancellation requests must be received in writing.
  3. Any refund of premiums will be applied to the outstanding principal loan balance. You may request to lower your regularly scheduled loan payment amount only at the time of cancellation. Coverage cannot be reinstated on the loan once canceled.
  4. Coverage ends on the last day of the month in which the covered borrower reaches age 70.
  5. Coverage excludes death ruled a suicide for 12 months from the date of new loan origination or advance. Coverage excludes death due to a pre-existing condition within six months of the date of new loan origination or advance. Death is considered to have been caused by a pre-existing condition when it results directly or indirectly from, or is contributed to by, a disease or bodily injury for which medical advice, diagnosis or treatment was received at any time during the six months immediately preceding a new loan origination or advance.
  6. If both insured parties die at the same time or as a result of the same calamity, only one death benefit is paid.
  7. Disability coverage not available on term note loans; only Credit Life Insurance.
  8. Coverage is available only for primary borrowers who work 25 hours or more per week on the date of any new loan origination or advance. Coverage excludes disability resulting from a normal pregnancy, disability beginning within the six month period after a new loan origination or advance, or disability resulting from any disease or bodily injury for which medical advice, diagnosis or treatment was received within the six month period immediately preceding a new loan origination or advance.

Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company (Home Office: Waverly, IA), is optional to purchase 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. Base Policy Nos. CI-MP-POL, CI-SP-POL, B3a-830-0996, B3a-800-0695, B3a-800-0288, CI-MP-CE-POL; CI-MP-OE-CC-POL; CI-MP-OE-POL; B3a-800-0992.
CDCL-6575105.1-0424-0526