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Credit Life Insurance
Credit Life Insurance
Credit Life Insurance is a voluntary payment protection product available to eligible borrowers at group rates. This insurance pays off or reduces the loan balance in the event of an insured borrower's terminal illness, or accidental dismemberment, or death.
Credit Life Insurance Eligibility
In order to be eligible for Credit Life 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
70 | N/A | Enrollments after 30 days from Loan/Advance Date |
|
Credit Life Insurance Product Plans
| Loan Class/Premium Mode | Monthly Rate per $1,000 | Total Benefit Maximum | Termination Age | Maximum Term of Insurance | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
$30,000 per Loan | 70 |
|
Credit Life Insurance Exclusions and Limitations
A Credit Life Insurance benefit will NOT be paid if the claim is related to:
- Suicide within 6 months following the effective date of insurance. *
* The effective date of insurance is the later of the issue date of the certificate, the date of an advance, or the date the application for insurance is signed.
Credit Disability Insurance & Credit Life Insurance Addition Information
30-Day Free-Look Period
A borrower has the right to cancel Credit Insurance. If insurance is cancelled within 30 days of enrollment, we will provide a full refund of premium paid.
Claims Submission
When your member notifies you of the need to file a claim, your credit union must gather all the necessary member/loan information and file as soon as possible, but no later than five business days of the notification:
- To file electronically, visit cunamutual.com
- For claims support or to check status of a claim, call 800.621.6323.
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.