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Credit Disability Insurance

CLDFCU offers Disability Insurance. The insurance is coverage that generally provides non-occupational benefits to an employee for accident or sickness not covered by employee compensation laws.

To qualify for this voluntary insurance:

  • You must not have reached the maximum eligible age of 70 on the date of your loan.
  • You must be actively at work and regularly perform all the usual duties of full occupation.
  • Only one member may be insured for any one loan.

CLDFCU has chosen a reputable provider. For sixty years, CUNA Mutual Insurance Society has been protecting credit union members with more credit life and credit disability insurance than any other company in the world. Today, CUNA Mutual provides more than $76 million in coverage for credit unions and their members in 59 countries around the world.

The credit union pays for life insurance on member loans. The maximum benefit is $15,000. The coverage ceases at age 70.

GAP Insurance

Guarantee Asset Protection Insurance or GAP Insurance closes the "gap" between the appraised value your insurance is willing to pay and the balance you owe on your vehicle loan should your vehicle be totaled in an accident or if your vehicle is stolen. When obtaining a vehicle loan through the credit union, we offer GAP insurance for less than half of the cost the dealership will charge you, giving you peace of mind that you are protected and also saves you money.  To illustrate, please consider the following example:

You have a vehicle loan with CLDFCU and owe $20,000 on your loan. Your car is stolen or in an accident and totaled. Your insurance company appraises the car at $15000.00. The insurance company sends a check to CLDFCU for $15,000. Now you still have a balance owed of $5,000.00 on a vehicle you no longer own. If you purchased GAP Insurance...no worries, the insurance policy covers the difference and your loan is now paid in full. Without the insurance you would still be liable for the unpaid balance.