Payment Protection Insurance

A long-term disability or death in the family can impact your family’s finances and affect your credit rating when bill paying may become difficult. Protect your loan with MEMBER’S CHOICE® Credit Life and Credit Disability Insurance. If you become totally disabled due to a covered event, it will help make your loan payments until you are recovered. In the event of death, the balance on your loan will be paid, helping relieve the financial burden on your family.

Suppose I do become disabled. Do I have to wait a long time before I start receiving benefits?
There is a short waiting period. After 14 days, you will be eligible for benefits beginning on the 15th day of your disability.

I have various other protections available through work, such as Worker’s Compensation, sick leave, and life insurance. Aren’t those enough?
Worker’s Compensation is designed to help meet living expenses and medical costs, not make loan payments. Credit Life is designed to pay off a specific debt if you die. With this coverage, benefits from other insurance coverages can be used for other purposes. Credit Disability Insurance begins when you may need it the most.

We’re a two-income family. Why do we need Credit Life and/or Credit Disability Insurance?
When your standard of living is used to two incomes, it’s likely that there could be financial difficulties if one income stops or is reduced. Credit Life Insurance allows the remaining spouse to use income for his/her day-to-day expenses. Credit Disability Insurance helps with loan payments rather than your spouse’s income meant for your day-to-day expenses.

For further information on adding Credit Life and Credit Disability Insurance to your new loan, contact East River Federal Credit Union.

Your purchase of MEMBER’S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apple. Please contact your loan representative, or refer to the Group Policy for a full explanation of terms.
CDLC-950818.1-0614-0716