Loan Protection

Credit Disability Insurance1

Who will make your loan payments if you can't? Disability Payment Protection makes a payment to the Credit Union to reduce or payoff a loan if the member is totally disabled by a covered sickness or accident.

  • Makes your covered loan payments should you become disabled
  • Fills gaps many employer policies don't cover
  • Guaranteed issue to qualified members
  • Helps protect your income and your credit rating
  • Convenient: premium added to your loan payment (usually on a few cents per $100 of the loan amount)
  • No effect on other pre-existing coverages. A pre-existing condition is not covered if treated in the first 6 months following the effective date of insurance.
  • No long application forms or physical exams required
  • Pay only for the coverage you need — when the loan is paid off, the premium and benefits end, too

Credit Life Insurance2

Do you want your family to have the burden of paying your loans if you're not here? Credit Life Payment Protection makes a payment to the Credit Union to reduce or pay off a loan in the event of the member's death.

  • Makes your covered loan payments in the event of your death
  • Helps protect your family from the burden of paying the covered loan payments
  • Convenient: premium added to your loan payment (usually on a few cents per $100 of the loan amount)
  • Guaranteed issue to qualified members
  • No effect on other pre-existing coverages

Guaranteed Auto Protection (GAP)3 

Guaranteed Auto Protection (GAP) offers protection against financial liability for individuals who finance a new or used vehicle, ATV, UTV, motorcycle, personal watercraft, boat, recreational vehicle, or camper. GAP protects against financial loss in the event that your vehicle is damaged beyond repair (totaled) or stolen and never recovered. With GAP, the covered deficiency balance is then waived. 

What does GAP cover?

In today's automobile market, during the first few years that you own your vehicle, your loan balance can be higher than the actual value of your car, as a result of depreciation. As your car's value declines, your loan balance can be significantly higher. If your car were stolen, or totaled in an accident, you would be liable to pay the difference between your insurance settlement and your outstanding loan balance. GAP covers the difference between the market value of your vehicle and the loan balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges.

  • $295 one-time fee
Loan balance after one year Your vehicle's actual cash value Your deductible Insurance settlement The gap GAP Pays
$15,000 $11,000 $1,000 $10,000 $5,000 $5,000

Mechanical Asset Protection3

Mechanical Asset Protection provides valuable protection against the cost associated with most unexpected mechanical breakdowns (beyond the normal terms and conditions of the manufacturer's standard warranty and after the warranty has expired).

  • Covers the cost of repairs due to mechanical breakdown of a manufacturer installed mechanical or electrical part
  • Based on year, make, model & mileage of vehicle
  • Vehicle does not need to be financed through Mutual CU and can be purchased at any time

1Member must be less than 67 years old. Contact the Mutual CU Loan Department for a complete description of terms, conditions and fees concerning this product. 

2Member must be less than 71 years old. Contact the Mutual CU Loan Department for a complete description of terms, conditions and fees concerning this product. 

3Contact the Mutual CU Loan Department for a complete description of terms, conditions and fees concerning this product.