As part of providing for financial security to its members, First Pioneers Federal Credit Union has a program for insurance coverage related to loans. We have partnered with CUNA MUTUAL to provide outstanding insurance protection to our members.
CREDIT LIFE INSURANCE
With this feature, in case of death, the remainder of the loan is paid off. Members can sign up for this at the time they make the loan or at a later time. A nominal charge based the amount of the outstanding loan balance is added to the monthly loan premium. Members have a choice of either single or joint life provisions.
The chances are 4 times greater that an individual will be disabled and not be able to work as compared to that individual dying. This insurance provides that, after being unable to work for 30 consecutive days, the loan note premium will continue to be paid. This insurance generally requires medical verification and will continue to pay the note as long as either the disability lasts or the loan is paid out.