Credit Disability Insurance

Credit Disability Insurance is just what it says it is...disability insurance protection. If you choose to have this coverage, it protects your loan(s) financed with AODFCU.

What Credit Disability Insurance does for you is makes a payment to the credit union to reduce or pay off a loan if the member is totally disabled by a covered sickness or accident. If payments are more than the debt, the difference is paid to the member's beneficiary. It also provides peace of mind.

Members borrowing money from the credit union are eligible for this product. Members must be actively employed 25 or more hours per week and under age 66. This coverage is applicable to only the primary member. Joint disability coverage is not offered at this time.

The premium is usually only a few cents per $100 of your loan. It can be added into the loan.

This coverage is in addition to any other insurance coverage you may have. There is no effect on other coverage. However, there is a 30 day waiting period before you can apply for benefits under this coverage. Most sick leaves are for a limited period of time, typically 30 days. This means that Credit Disability Insurance would begin just when you need it most. Worker's Compensation is designed to help meet living expenses and medical costs. It may not be enough to make your loan payments. That's why this coverage is ideal for you. You will have peace of mind that your loan payment will be taken care of.

Credit Disability Insurance is optional and is not required as a condition for granting a loan. At this time, this coverage cannot be purchased by itself. To take advantage of this product, it must be combined with the purchase of Credit Life Insurance.

Credit union members have received more than $17 million in benefits!

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