Payment Protection

Credit Life Insurance – eligibility is under age 71, with termination at age 71. The plan type is Single Life for Primary Borrower and Joint Life for Primary and Co-borrower. The coverage is a maximum of $50,000 and the maximum term is 120 months. Exclusions are as follows; deaths from suicide within 6 months after the issue date and pre-existing conditions. Rates are; $.075 per $100 of your monthly loan balance for Single Life and $1.31 per $1,000 of your monthly loan balance for Joint Life.

Disability Insurance – eligibility is under age 66 with the Primary Borrower employed 25 hours per week or more, and termination is at age 66. The plan type is Single Disability for Primary Borrower and Joint Disability for Primary and Co-borrower. The coverages are a maximum of $50,000 with a monthly total disability benefit of $750. Exclusions are as follows; misstated age, disabilities that begin 6 months after the issue date, disabilities resulting from normal pregnancy, and pre-existing conditions. For loans beginning August 1, 2015 or later rates are; $1.82 per $1,000 of your monthly loan balance for Single Disability and $3.46 per $1,000 of your monthly loan balance for Joint Disability. For loans beginning prior to August 1, 2015 rates are; $2.47 per $1,000 of your monthly loan balance for Single Disability and $4.62 per $1,000 of your monthly loan balance for Joint Disability.

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