Definitions for "Credit Disability Insurance"
Keywords:  disabled, cuna, unable, saddled, burden
Credit Disability Protection provides for the monthly payment of a loan if the borrower becomes disabled. It offers a convenient, affordable way to make sure that family or loved ones won't be saddled with the burden of a debt in the event of a disability.
Disability insurance issued through a lender or lending agency to cover payment of a loan, an installment purchase, or other obligation in case of disability.
A protection plan that helps make loan payments to the credit union if the member becomes totally and continuously disabled by a covered sickness or accident. The member pays the premium (currently $1.20 per thousand per month) based on the outstanding loan balance. Thirty-day period after disability is the responsibility of the member. DEBT RATIO -- This is a ratio between monthly debt including housing expenses divided by monthly net income. Our policy states this is not to exceed 60%.