Credit Life and Disability
Protecting credit union assets and the credit union member’s estate is a critical component of maintaining the credit union's stability. One of the traditional ways to protect these has been through Credit Life and Disability (also known as Accident & Health).
Credit Disability will cover the insured primary borrower’s monthly payment while he/she is disabled due to an injury or illness. Even if your member is covered through an individual or employer disability program benefits on a covered claim are paid directly to the credit union to be applied to the member’s loan. What a difference that can make to your member who suddenly finds his income diminished or gone through unforeseen circumstances.
Credit Life will cover the remaining balance on an insured loan in case of the insured member’s death. Credit Life is available for the primary borrower and the spouse or business partner that is on the account. Paying in addition to any other life insurance the member may have, Credit Life allows the surviving family to have one less worry!
An easily administered program that will charge a monthly premium based on the outstanding loan balance - premium rates are the same for all regardless of age! With a simple questionnaire that determines eligibility, your staff and your members will be able to continue the loan process with minimal interruption!
The Credit Insurance program at the credit union has the additional benefit of bringing income to the credit union through compensation derived from the covered member’s premiums. Our training will ensure that your staff will understand this important component of your strategic planning for success!
While licensing is necessary, it is a Specialty License issued to the credit union by the State Department of Insurance. Training for this product is done by our experienced team at no cost to the credit union! Calger’s invaluable experience in this area will make this a highly valued product that not only provides protection but also generates income!
