Credit

What would happen to your ability to make your regular loan payments if you were to leave work due to illness or injury? What would happen if you were to die leaving those same loan payments for your estate to handle? At Lion's Share Federal Credit Union we believe that these are burdens you should not have. So, we offer low cost Credit Disability and Life Insurance protection for your loans.

It's reassuring to know that not only your family can be financially protected, but also your credit rating, your collateral, and your income can be protected with credit disability and credit life insurance. Your loan payments are protected in the event of sickness or injury resulting in disability. Benefits begin on the 1st day of disability, after you have been disabled for at least 30 days. In the event of your death, credit life insurance pays the insured balance of your loan, up to $50,000. Coverage costs just pennies a day. If you elect to have credit insurance the Credit Union will add the premium to your loan each month. Premium costs are:

SINGLE DISABILITY 25.0 cents per $100 of balance
JOINT DISABLILITY 41.5 cents per $100 of balance
SINGLE LIFE 6.8 cents per $100 of balance
JOINT LIFE 11.5 cents per $100 of balance

The premiums are much less than what most lenders charge. The maximum coverage per loan account is $50,000 for disability and $50,000 for life. The maximum monthly benefit for disability is $850. You are eligible for insurance up to age 66 for disability and age 70 for life. Current coverage will stop once you reach that age.