Do you have family responsibilities and dependants who rely on your income? Is your total debt load more than 25% of your income? Meeting your loan payments without your income can cause financial stress for your whole family. Additional medical, childcare, or housekeeping costs can be an extra burden if your income is reduced due to accident or illness. Protect your savings with loan insurance.

Credit life, disability and critical illness insurance can protect you and your family from the unexpected.

Benefits:

• Available for all joint parties and guarantors or co-signers
• Premiums can be added to borrowed amount
• Protects credit rating and security
• Flexible choice of single or joint coverage
• Convenient with benefits paid directly to Morell Credit  Union on owners behalf

 

Credit Life Insurance

Features:

• Maximum Coverage          $90,000.00
• Maximum Term                 180 months
• Minimum Age                     19
• Maximum Age                    69
• Available to age 69 - expires on 70th birthday
• All borowers under age 70 qualify                  

Pre-Existing Conditions

• Loans with balances $10,000.00 or less, pre-existing conditions are covered with no exclusions
• Loans with balances greater than $10,000.00 are not covered if death occurs within the first six months from loan date and results from a pre-existing condition. Death from other causes are covered. Pre-existing conditions are covered after six months

 

Credit Disability Insurance

Features:

• Maximum Monthly Coverage    $1,500.00
• Minimum Age                              19
• Maximum Age                             69
• Elimination Period                     30 Days
• Maximum Benefits                     72 Months
• Temporary or permanent disability
• Must be working a minimum of 20 hours a week or for seasonal workers, capable of working
• Maximum coverage is for all loans combined
• Can be added at time of loan application or within first 60 days by paying premium in full

 

Critical Illness Insurance

Features:

• Maximum Benefit             $90,000.00
• Maximum Duration          15 years
• Maximum Age                   59
• Pre-existing conditions are covered except for the first 12 months immediately after the effective date of insurance
• Must purchase Life insurance
• Coverage applied for must equal Life coverage

Creditor’s group insurance coverage is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.