Protect Yourself and Your Family
Credit Life Protection
Fox Valley Credit Union offers two types of protection for your loans. The first is Credit Life Protection. When the borrower chooses this protection at the beginning of the loan, in the event of the borrower’s death, the loan is paid in full. The borrower’s family is protected. There are no health questions for this coverage and the coverage terminates at age 70. The only eligibility requirement is that the borrower must be working 25 hours per week.
If there are two borrowers on the loan documents, joint credit life protection is available. If this is chosen, in the event of the death of either borrower, the loan is completely paid in full. There is no lingering debt for the borrowers’ heirs to pay off.
The protection payment, for either single credit life or joint credit life, is part of the borrower’s monthly payment. As the loan balance decreases, so does the protection portion of the payment. The monthly payment stays the same for the entire loan term.
Credit Disability Protection
The payment protection for credit disability, if elected at the time the loan is disbursed, makes the borrower’s loan payment if the borrower is disabled. This payment protection takes over after 7 days of disability. This is the waiting period. After that time, the benefits are retro-active to the first day of disability.
The maximum loan amount covered is $30,000, the maximum age to qualify is 66, and the maximum loan term is 120 months. Both the primary borrower and a secondary co-borrower can be covered.
The payment works the same way as for the credit life coverage. The premium is included in the loan payment and continues until the loan is paid.