Loan Protection

CONSUMERSAFE Debt Protection Plans

We offer our Members three Debt Protection Plans designed to assist in repaying SAFCU loans in case of loss of life, a serious injury, or unemployment. The loan products that are eligible for debt protection are SAFCU vehicles loans, personal loans, and Visa credit cards.

The following loan protection plans can be added at the time of funding your loan and conveniently added to your monthly payments:

*Contact SAFCU for details.

Death

This product insures a Member's loan will be paid off in the event of the Member's death. The death benefit cancels the remaining loan balance up to $75,000.

Disability

This product protects a Member if they become disabled and cannot work. The coverage includes making the Member's monthly loan payments up to $1,000 per month and $15,000 over the term of the loan per each protected event and per each protected borrower. Disability insurance enables a Member to cancel up to 6 payments.

Involuntary Unemployment

This product protects a Member if they become involuntarily unemployed. The coverage includes making the Member's monthly loan payments up to $1,000 per month and $15,000 over the term of the loan per each protected event and per each protected borrower. Involuntary Unemployment Insurance enables a Member to cancel up to 3 payments.

Eligibility

Death, Disability, and Involuntary Unemployment protection is available up to age 70.
Disability protection is available if you are presently working twenty-four (24) hours or more per week.
Involuntary unemployment protection is available if you are presently working twenty-four (24) hours or more per week. Member must not be self-employed and not have received unemployment benefits within the past two years.

Coverage does not apply to pre-existing conditions. Please contact the credit union for complete details about these insurance products.

Guaranteed Asset Protection (GAP)

Covers the gap between a car’s cash value and the outstanding loan balance if it’s involved in a total loss claim. Refer to credit union for more information.