Loan

Purchase insurance protection and have the peace of mind in knowing that your credit union Personal Loan obligations can be reduced or eliminated when needed.

The protection available includes:

  • life insurance which pays the outstanding loan balance.
  • disability insurance that makes the monthly payments; or
  • a combination of disability and life insurance.
    Benefits:
  • Available for all joint parties and guarantors or co-signers
  • Premiums are added to the borrowed amount
  • Protects credit rating and security
  • Flexible choice of single or joint coverage
  • Convenient with benefits paid directly to Évangéline-Central Credit Union on owners behalf

 

Credit Life Insurance

Features:

  • Maximum Coverage        $90,000.00
  • Maximum Term               120 months
  • Minimum Age                  19
  • Maximum Age                  69
  • Available to age 69 - expires on 71st birthday
  • All borrowers under age 70 qualify

 

Pre-Existing Conditions 

  • Loans with balances $10,000 or less pre-existing conditions are covered with no exclusions
  • Loans with balances greater than $10,000 are not covered if death occurs within first six months from loan date and results from a pre-existing condition. Death from other causes are covered. Pre-existing conditions are covered after six months.

 

Credit Disability Insurance

Features:

  • Maximum Monthly Coverage        $1000.00
  • Minimum Age                                19
  • Maximum Age                               59
  • Elimination Period                          60 Days
  • Maximum Benefits                         120 Months
  • Qualify prior to 60th birthday and only covered to your 65th birthday
  • Temporary or permanent disability
  • Must be working a minimum of 20 hours a week or for seasonal workers, capable of working
  • Maximum coverage is for all loans combined
  • Can be added at time of loan application or within first 60 days by paying premium in full  

 

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.