Credit Life Insurance
Your Credit Union offers you the protection of life insurance on the your loan. The life insurance is available as single credit life insurance for the applicant and also available as joint credit life insurance for the joint applicant. The life insurance premiums are conveniently added to the loan and incorporated into your loan payment. These are an estimated of the costs and depend on the amount and term of the loan.

The cost of Single Credit Life is approximately $.70 per $1,000 of loan protection
The cost of Joint Credit Life is approximately $1.23 per $1,000 of loan protection

Credit Disability Insurance
Your Credit Union offers you the protection of disability insurance on the your loan. The disability insurance is available as single disability insurance for the applicant. This disability insurance covers your loan payments in the event of you being off work due to illness after 30 days. (This doesn’t apply to the first 30 days off.) The disability insurance premiums are conveniently added to the loan and incorporated into your loan payment. These are an estimated of the costs and depend on the amount and term of the loan.

The cost of Single Credit Disability is approximately $1.90 per $1,000 of loan protection

GAP Protection Insurance
In addition, you may purchase GAP (Guaranteed Asset Protection) insurance, which in the event of your vehicle being totaled in an accident will cover the difference between the loan value and the value your insurance provider covers. This coverage could be significant especially during the first half of the life your vehicle where it’s value declines faster than your loan balance. Also, if your vehicle is totaled, this coverage provides for $1,000 cash down payment towards another vehicle when financed through your credit union.

• Automobiles (cars, trucks and vans) $295
• Power-sport (motorcycles, snow-mobiles, personal watercraft) $320
• Watercraft (boats) $345
• Recreational Vehicle $420

Mechanical Warranty Coverage
You may also purchase vehicle warranty protection which protects you after your initial manufacturers warranty expires. This warranty protection is the same or similar provided by the dealerships but the cost to you is generally much less. This coverage varies by make and model so general prices are not available. Ask a loan officer for more information.