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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 1Plan 2Plan 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.

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