Line of Credit

Your Personal Line of Credit will give you the freedom to buy things that you want and need...like a family vacation or home renovations. Line of Credit Insurance will give you the peace of mind knowing that your line of credit will not become a burden for you or your family if you should become seriously ill or pass away. You have coverage while you have the debt.  If there is no balance, no premium is charged.  Once reactivated, coverage continues.

 

Monthly Premium Credit Life and Disability Insurance:

  • At time of enrolling, there are no health questions to answer if your authorized limit is equal to or less than $50,000.
  • Premium is paid monthly, based on your average daily balance.
  • Authorized limits greater than $50,000. have age-banded rates.
  • Pre-existing conditions are covered after insurance has been in effect for 12 months.

Monthly Premium Credit Life Insurance:

  • Insurance is available on loans up to $500,000 if you are under age 65.
  • Ages 65 through 69 - coverage is available on loans up to $100,000.
  • Coverage ceases at age 70.
  • At death, your benefit is equal to your outstanding loan balance at death, to a maximum of $500,000.

Monthly Premium Credit Life and Criticall Illness Insurance:

  • Insurance is available on loans up to $500,000 if you are under age 55.
  • Coverage ceases at age 70.

Monthly Premium Credit Disability Insurance:

  • Maximum issue age is 59 and maximum coverage age is 65
  • To qualify, you must be working 20 hours a week for two consecutive weeks immediately proceeding the loan date.
  • Disability benefits pays three percent of your insured outstanding loan balance at date of disability.
  • Maximum monthly benefit is $3,000.
  • Maximum benefit period is 60 months.


Plus...Reduce your LOC interest rate by 0.25% when you purchase Life and Disability Insurance. 

Creditor’s group insurance coverage is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.