Credit Life & Disability Insurance
Who would make your loan payments if you couldn't work due to a disability? In the event of an unexpected life event, who would pay your loan so your family wouldn't have to?
There's an easy answer at SeaComm: Credit Life & Disability Insurance, underwritten by CMFG Life Insurance Company. This coverage is designed to help ease the financial burden of your loan obligation for you and your family in the event of an unexpected life event, accident or illness.
Credit Life & Disability Insurance is available right at the Credit Union, and you decide what loan payments to protect. Follow a few steps to apply while signing your loan paperwork. The protection begins the moment you sign up.
- Helps protect you from the unexpected
- Coverage starts on enrollment date
- Premium can be included in your loan payment
Your purchase of MEMBER'S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Group Policy for a full explanation of the terms. CDCL-1326566.1-1015-1117
Guaranteed Asset Protection (GAP)
The greatest gap between your loan value and the fair market value usually occurs in the first years of your loan. The second you drive your new car off the lot, it drops in value and keeps dropping. Value often drops to 78% in one year, and 46% in 5 years.¹ But your loan value doesn't decrease as fast, creating a gap. It may no longer be enough to protect your car; you may want to consider optional loan protection as well.
Fortunately, you can now fill this gap and protect your loan and your finances with GAP. GAP is like an airbag for your vehicle loan. It can help fill the gap between what your vehicle insurance will pay and what you owe on your loan.
What is GAP?
GAP is designed to cancel the difference between your primary insurance settlement and the outstanding loan balance, up to the contract maximums, in the event that your GAP protected vehicle is deemed a total loss due to an accident or theft.
It's easy to be protected.
You can sign up for GAP when you apply for your vehicle loan. There's no underwriting, no red tape, no hassles. And for you convenience, the GAP Fee can be rolled into your monthly loan payment. The GAP Fee is fully refundable if you cancel the protection within the first 90 days.
Contact one of our loan officers for more information about the benefits of GAP.
¹ % for a typical vehicle in America. Edmunds, "How long should my vehicle loan be?" March 2015
Your purchase of MEMBER'S CHOICE™ Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement you have with Us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid.
*Please note that insurance is not a deposit or obligation of the credit union, and is not required to obtain loans from the credit union. The insurance is not insured by NCUA; it is not underwritten, issued, or guaranteed by NCUA or any other Federal Government Agency; and is not required as a condition of the loan.