Life is unpredictable and it’s impossible to know what the future holds. Regardless of whatever curve balls are thrown your way, one thing that unfortunately won’t go away are your bills.

Let’s say the unthinkable happens, and you unexpectedly pass away, become ill, or are involved in an accident where you can no longer work. Now what? On top of the utter sadness, grief, and pain your family and loved ones are experiencing, now they have to worry about coming up with extra cash to cover everyday expenses, bills, and monthly payments.

But I’m here to tell you it doesn’t have to be that way. Take comfort in having Credit Life and Credit Disability Insurance to protect you and your family if the unthinkable happens.

What Is Credit Life and Credit Disability Insurance? 

Credit Life and Credit Disability Insurance are types of insurance that will step in to help you make loan payments or cover your loan balance if something were to happen to you.

Credit Life Insurance: Lowers or covers your loan balance in full in the event of your unexpected passing.

Credit Disability Insurance: Credit Disability Insurance pays your loan payments if you become disabled due to a covered illness or accidental injury and cannot work. That means you don’t have to worry about those loan payments while you’re out of work. These payments will continue to be made until you return to work, the loan is repaid, or when you reach the policy maximum.

 

Making and keeping up with loan payments will be the last thing on you and your family’s minds if something happens to you (especially if you’re the breadwinner in the family), and you won’t want to let your family, your assets, or your credit suffer as a result. There’s no way to predict whether or not you’ll face an unexpected injury, illness, or even an untimely death, so don’t let missed loan payments be more of a financial burden on your family should you be faced with the unexpected.

With Credit Life and Credit Disability Insurance, your family won’t have to worry about making loan payments until you make a full recovery and can return to work. Or, if you pass away, your coverage may pay off the loan entirely. Keep in mind, though, that not all loans have coverage available to purchase. For example, excluded loans include credit cards, 1st lien home equity loans and lines, and mortgages.

Another important thing to note about Credit Life and Credit Disability Insurance is that you can’t wait until you need to buy it. Life can change in an instant, so why wait? Get the insurance coverage you need now, so you and your family won’t have to worry later.

How Does It Work? 

There are a couple ways you can elect to enroll in coverage. You’ll be presented with the option to enroll in Credit Life and Credit Disability Insurance when you initially apply and are signing your loan paperwork, or you can choose to purchase it at any point during the lifetime of the loan. As far as payment options go, you can decide whether or not you’d like the premium to be included in your monthly loan balance or pay for the insurance separately.

Enrollment is simple through our partnership with MEMBER’S CHOICE®, and we’re able to provide you with coverage immediately and at an affordable low-cost.

Why Should I Purchase It? 

Life is precious and can change in an instant, so it’s important to take the necessary steps in protecting your family and be prepared for the unexpected.

Your family depends on you. There are many instances where families find that they won’t be able to afford everyday necessities, let alone your loan payments and other monthly bills. Give them the financial freedom they deserve by making sure to protect them with coverage from Credit Life or Credit Disability Insurance.

GOLD’s Here to Help

If your loved ones depend on your paycheck, don't let an injury, illness, or death jeopardize your financial security. We’re here for you and can help you protect the ones you love.

Be prepared for the unexpected and ask us about Credit Life and Credit Disability Insurance to help ensure your loan, your family, and your wallet are taken care of. Give us a call at: 484-223-4216. 

Tags:

Darian Phillips

Darian Phillips

Darian is the Loan Manager at GOLD. She is responsible for directing and coordinating lending operations within the credit union. She implements and manages changes and improvements that improve our Members' overall experience. Darian loves being able to help our Members achieve their financial goals, whatever they may be. 

Up Next:

Treat Coworkers with Respect and Empathy

Straight from the CEO's Heart - June 28, 2021

Treat Coworkers with Respect and Empathy

Sign up for updates!

Get news from GOLD Credit Union in your inbox.

By submitting this form, you are consenting to receive marketing emails from: GOLD Credit Union, 4703 Hamilton Blvd., Allentown, PA, 18103, US, https://www.goldcu.org. You can revoke your consent to receive emails at any time by using the unsubscribe link, found at the bottom of every email.

You are now leaving GOLD Credit Union's website. This site is provided with the sole intent of providing helpful and convenient information for our members. We recommend that you consult the privacy disclosure on all websites before continuing. GOLD Credit Union is not responsible for any content on any other website, and does not represent either the third party or you, the member, if you enter into a transaction.

Continue        No, Go Back