Payment Protection
Do you need a way to guarantee repayment of your loans in the future? We offer insurance that can help.
First Reliance Federal Credit Union offers its members Payment Protection credit life and credit disability insurance through Cherokee National Life Insurance Company. Credit life insurance pays the outstanding balance on your loan if you die before the loan is paid off. Credit disability insurance provides funds to help you make your loan payments if you are unable to work because of an illness or accident.
Most members are eligible to apply for credit life and credit disability insurance. Coverage is available for single or joint borrowers, at affordable rates, and premiums are automatically added to your loan payments.
What is this service?
This service adds protection to your loans in the event of disability or death. Obviously, terms and conditions apply and are subject to First Reliance FCU underwriting standards.
How does this service work?
Members can apply for either or both of these insurances at the time of the loan. The cost is inexpensive and is added directly to the loan payment - there are no upfront costs.
Types of insurance
- Credit Life (offered two ways):
- Single - Protects the primary borrower of the loan in the event of death and only costs $.06 per $100.00 of the loan balance monthly.
- Joint - Protects both primary and joint borrower of the loan in the event of death and only costs $.09 per $100.00 of the loan balance monthly.
- Credit Disability: Offered to the primary borrower of the loan and will pay the payments after 14 days of being out of work. The cost is only $.28 per $100.00 of the loan balance monthly.
What are the benefits?
- Maintain a sense of security.
- Inexpensive protection for the future.
How do I apply?
Ask one of our friendly loan officers for more information.
Protect yourself and your family from the burden that could result if you die or become disabled. Payment Protection offers the peace of mind that comes from knowing your financial obligations will be met. Contact us for details on Payment Protection credit life and credit disability insurance.
