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Besides the high dividends on share accounts and the low rates on lending products, another advantage to saving and borrowing at the credit union is Life Savings and Credit Life and Disability loan insurance.
Life Savings insurance provides eligible members with life insurance equal to the balance in their savings account up to $5,000 (see chart below). This is an important benefit especially to members who have little or no other insurance.
Life Savings insurance is offered by the credit union at no direct cost to members.
Credit Life and Credit Disability insurance provides eligible members with life and disability insurance protection equal to their loan balance (up to $30,000). When a member with Credit Life and/or Credit Disability insurance dies or becomes disabled, either the loan balance is paid in full (up to $30,000) in the event of death, or the monthly payments are made while disabled until loan balance is paid in full.
Credit Life and Credit Disability insurance is available to members with premiums based on the balance of your loan. The premium is included in your monthly payment.
You can obtain insurance on your eligible share savings balance for up to $5,000 as stated in your credit union's policy with CUNA Mutual. But, you must maintain the insurable balance in order to maintain coverage.
| You get $1.00 of insurance for each $1.00 you deposit and maintain in your account before you reach age 55. * Then for ages: |
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| 55 through 59 |
75 cents insurance for each $1.00 in your account |
| 60 through 64 |
50 cents insurance for each $1.00 in your account |
| 65 through 69 |
25 cents insurance for each $1.00 in your account |
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| A baby receives 25 cents insurance for each $1.00 deposited until the child reaches 6 months. Then the child gets DOLLAR for DOLLAR coverage. |
* On your 70th birthday, coverage is not offered on amounts deposited on or after age 70. Your insurable balance is determined by your age at the effective date of the policy, the effective date of any increases in coverage, or at the time of making the deposit, whichever is latest.
NO - as long as you leave your money in the credit union, and your credit union continues this CUNA Mutual coverage, you keep your insurance. If you deposit $500 by age 54, for example, your family gets $500 more in insurance even if you die at 99. The decreasing chart applies to any later deposits.
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