Types of Insurance
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The Credit Union makes available several types of insurance coverages. Some are automatic, no-costs coverages; others are "member pay" options. Here is a brief overview of what is offered: |
NCUA Deposit Insurance |
Free federal insurance coverage up to $100,000 per person to protect funds on deposit should the Credit Union become insolvent. Effective April 1, 2006, coverage for IRA accounts was increased from $100,000 to $250,000. | Credit Life | Member pay coverage per loan that will pay up to $50,000 of the outstanding loan balance should the member die. | Disability | Member pay coverage per loan that will pay up to $850/month or $50,000 principal during the time of disability. |
Accidental Death & Dismemberment |
This coverage varies depending on whether or not the member has signed up for the initial free $2,000 accidental death benefit and dismemberment coverages. Additional amounts must be paid by the member on a quarterly basis. | Cancer / Life | Member pay cancer and/or life insurance coverage in varying amounts available through Loyal American Life Insurance Company and Minnesota Mutual Life Insurance Company. |
NOTE: click on any of the blue headings above and left to find out more information. |