Insurance - Debt Protection
Credit Insurance
We have switched to debt protection coverage (DPC) instead of credit insurance. Those members that have elected to protect their loans with Credit insurance will continue to be covered at the the same rates and terms as before. Any new loans or loan advances will only have the option of our new debt protection product.
Debt Protection coverage is voluntary and not required in order to obtain a loan. Debt Protection Coverage is available in single life only, joint life only (must have a joint borrower on loan contract), disability only or a life and disablity coverage. If disablity coverage is elected only the primary borrower is covered, even if joint life is elected.
If you elect Debt Protection Coverage, you authorize the credit union to add the charges for DPC to your loan. You are eligible for DPC up to the maximum age for DPC. Debt Protection Coverage will stop when you reach that age.
You will also need to verify that you do not have any pre-existing conditions by answering health questions before your advance will be covered.
Your purchase of DPC, underwritten by Central States of Ohio Insurance Company, and/or Guaranteed Asset Protection (GAP), administered by Warranty Solutions, is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan officer for a full explanation of the terms of GAP, DPC. Mechanical Repair Coverage is administered by American Mercury Fire Insurance Company.