Credit Disability Insurance for when the unexpected happens.
COPFCU helps you rest easy when life doesn’t go as planned.
While we often plan for our next home, car or vacation, some life events are unpredictable. A major disability can destroy a family’s finances. This is where Credit Disability insurance can offer peace of mind.
What is Credit Disability Insurance?
Credit disability insurance is insurance placed on a loan. If one of the loan borrowers becomes totally disabled, credit disability insurance can cancel or decrease the monthly payments on the loan. Credit disability insurance reduces the financial burden on the borrower and their family, allowing other disability insurance policies to be used for medical care, mortgage payments or other family needs.
Credit Disability Benefits:
- Coverage is available for vehicle, personal and home equity loans
- Low-cost of just $.83 per thousand if a single borrower owns the loan or $1.58 per thousand if joint borrowers own the loan
- Can cancel or reduce the loan payment up to $600 per month, up to a maximum of $30,000 per loan.