Loan Protection


Credit Life, Disability & Involuntary Unemployment Insurance

We offer our members three insurance 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 this insurance coverage are SAFCU vehicle 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:

Plan 1 Plan 2 Plan 3
Credit Life Insurance: Cancels loan balance

Disability Insurance: Cancels 6 payments

Involuntary Unemployment Insurance: Cancels 3 payments
Credit Life Insurance: Cancels loan balance

Disability: Cancels 6 payments
Credit Life Insurance: Cancels loan balance

Credit Life Insurance

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 Insurance

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.


Involuntary Unemployment Insurance

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.


Eligibility

  • Credit Life, 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.


Mechanical Breakdown Insurance (MBI)

An extended warranty plan that protects you from paying major out-of-pocket expenses for car repair bills.

*Please contact the credit union for complete details about these insurance products.

For additional information on benefits, eligibility, conditions and exclusions, please call SAFCU at (714) 834-1341 or (800) 541-2546.