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Credit Disability Insurance
Credit Disability Insurance
Credit Disability Insurance is a voluntary payment protection product available to eligible borrowers at group rates. This insurance helps make monthly loan payments if the insured borrower is totally disabled for longer than the waiting period.
Credit Disability Insurance Eligibility
In order to be eligible for Credit Disability Insurance, a borrower and the loan must meet the criteria below:
A business entity, partnership, corporation, association, co-signer or guarantor is not eligible for coverage.
| Loan Class/Premium Mode | Maximum Issue Age | Actively at Work (Hours per Week) | Health Questions | Maximum Eligible Loan Term | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
66 | 25 or more | Enrollments after 30 days from Loan/Advance Date |
|
Credit Disability Insurance Product Plans
| Loan Class/Premium Mode | Monthly Rate per $1,000 | Total Benefit Maximum | Maximum Monthly Disability Benefit | Waiting Period | Termination Age | Maximum Term of Insurance | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
$30,000 per Disability | $600 per Loan | 30 Days Non-Retroactive * | 66 |
|
Waiting period starts with the first day of total disability. A borrower must meet the definition of total disability for longer than the waiting period to qualify for benefits.
* Non-Retroactive: Benefits are calculated from the day after the waiting period has been completed.
Credit Disability Insurance Product Plans
A Credit Disability Insurance benefit will NOT be paid if the claim is related to:
- A pre-existing condition when the claim is incurred within 6 months following the effective date of insurance. **
- Normal pregnancy
** The effective date of insurance is the later date of the certificate, the date of an advance, or the date the application for insurance is signed.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Credit Life Insurance and Credit Disability Insurance are underwritten by CMFG Life Insurance Company.
©CUNA Mutual Group, 2014 All Rights Reserved.