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%.
Your finance company may require this along with credit life insurance. It ensures the finance company loaning you money to buy your car will be among the first creditors paid if you are disabled and unable to work to pay off your car loan.
Disability insurance on the borrower, payable to the creditor while the borrower is disabled, to cover the loan payment (usually small loans repayable in installments). This insurance is usually issued through the creditor (a lender or lending agency) and is provided by an insurance company under a group credit disability policy. Credit disability insurance also can be purchased by an individual directly from an insurance company. (Also see Credit Life Insurance.)
Insurance to make loan payments during time of disability.
Credit Disability insurance is a form of low-cost credit insurance that is available on all credit union consumer loans (excluding first mortgages) up to $50,000. This coverage pays the monthly payments up to $850 per month in the event the member is injured or disabled and cannot work. Coverage is provided by CUNA Mutual Insurance.
A supplemental policy that pays the monthly installment payments of a loan in the event an insured borrower is unable to work due to a disability.
An insurance policy that provides protection to the borrower in the event the borrower becomes medically disabled and is not capable of making their loan payment. The insurance company will make payments on a monthly basis according to the terms of the policy.
This is completely optional insurance which pays the mortgage payments if the borrower becomes disabled.
insurance that provides loan payments to be made on behalf of a borrower who is temporarily disabled and loan balances to be paid off if the member is permanently disabled