Credit Life Insurance

Credit Life Insurance is a life insurance policy.

This coverage, if elected, protects your loan(s) financed at AODFCU. It makes a payment to the credit union to reduce or pay off a loan in the event of the member's death. If payments are more than the debt, the difference is paid to the member's beneficiary. It provides peace of mind for all parties involved.

Members borrowing money from the credit union that are under age 70 are eligible for this coverage. We also offer Joint Credit Life Insurance coverage and the same eligibility applies. This would cover both the primary borrow and joint borrower.

The premium is usually only a few cents on every $100 of your loan. It can be added into the loan and included in your loan payment.

The maximum loan coverage is an aggregate benefit of $30,000 if you have multiple loans. The coverage ends if the loan is repaid early.

This coverage is in addition to any other insurance coverage you may have. There is no effect on other coverage. You purchase insurance to protect your family from specific needs. Credit Life Insurance is specifically designed to pay off the loan with the credit union in the event of your death. Without this coverage, it would be more difficult for your family to make this payment if you died prematurely than it is to meet the cost of a few dollars each month for the premium. And, with joint coverage, if either party dies, the loan is covered.

Credit union members have received more than $18 million in Credit Life benefits.

For an added benefit, you can combine Credit Disability Coverage with the Credit Life Insurance.

For additional information about this beneficial coverage, please contact a credit union representative today.