Credit Life & Disability Insurance FAQ’s
1. What is 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 death.
2. What is Credit Disability Insurance?
Credit Disability Insurance is a voluntary payment protection product available to eligible borrowers at group rates. This insurance helps make monthly loan payments if the insured borrower is totally disabled for longer than the waiting period.
3. What is the maximum age for Credit Life Insurance?
The maximum age varies depending on the financial institution’s insurance policy. Please contact the Credit Union for this information.
4. What is the maximum age for Credit Disability Insurance?
The maximum age varies depending on the financial institution’s insurance policy. Please contact the Credit Union for this information.
5. Can I cancel the insurance?
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.
6. When will Credit Life Insurance NOT be paid?
- Pre-existing conditions
- Suicide
7. When will Credit Disability Insurance NOT be paid?
- A pre-existing condition when the claim is incurred within 6 months following the effective date of insurance.
- Normal pregnancy
8. Who pays for the Credit Life & Disability Insurance?
The member pays for the Credit Life & Disability Insurance, which is added into their loan amount and included in their monthly payments.
9. How much will the Credit Life Insurance cost?
- Single Borrower: *Please contact the Credit Union for Individual Quotes
- Joint Borrower’s: *Please contact the Credit Union for Individual Quotes
10. How much will the Credit Disability Insurance cost?
- Single Borrower: *Please contact the Credit Union for Individual Quotes
- Joint Borrower’s: *Please contact the Credit Union for Individual Quotes
11. What type of loan qualifies for Credit Life & Disability Insurance?
- Consumer Loans
- Home Equity Lines of Credit
To obtain more information on our Credit Life & Disability Insurance, you may contact us at 419-448-0191. Your Legacy Federal Credit Union is here to help guide you through the process and answer any questions you may have.