Loan Protection
Prepare for those unexpected moments.
Your loan protection options
My Mutual Protect is a debt protection program that may cancel your loan balance or payments to secure you or your family’s financial situation in the case of involuntary unemployment, disability, or death.
It’s simple and affordable to apply for My Mutual protect! For additional protections, Life Plus can extend your coverage for a variety of scenarios including accidental dismemberment, terminal illness, hospitalization or family medical leave, and even the death of a non-protected dependent.
Purchase Debt Protection with Life Plus Submit claim on your life, disability, or involuntary unemployment|
Protection for Consumer Loans |
Life Plus |
Disability |
Involuntary Unemployment |
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1With Retro plans, after satisfying the waiting period, benefits begin from the first day of loss. With Non-Retro plans, benefits begin after the waiting period has been satisfied. 2Under the Contract terms, there are specific limitations for events that occur within a specified period immediately following the Effective Date of Protection for a loan or advance. *Applies to Life, Terminal Illness and Accidental Dismemberment **Applies to Hospitalization, Family Medical Leave and Loss of Life of a Non-Protected Dependent |
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Protection for Consumer Loans Type of Cancellation |
Life Plus Balance Cancellation* Payment Cancellation* |
Disability Payment Cancellation |
Involuntary Unemployment Payment Cancellation |
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Protection for Consumer Loans Maximum Benefits |
Life Plus Up to $100,000* The earliest of 3 months or $3,000** The maximum benefit will reduce at age 75 |
Disability The earliest of 36 months or $36,000 per occurrence |
Involuntary Unemployment The earliest of 6 months or $6,000 per occurrence |
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Protection for Consumer Loans Waiting Periods1 |
Life Plus N/A |
Disability 14 Day Retro for a Protected Event |
Involuntary Unemployment 14 Day Retro for a Protected Event |
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Protection for Consumer Loans Specified Period Limitation2 |
Life Plus 6 month pre-existing condition limit |
Disability 6 month pre-existing condition limit |
Involuntary Unemployment 3 month benefit exclusion from date of loan or advance |
Guaranteed Asset 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.
- $525 one-time fee
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Loan balance after one year |
Your vehicle’s actual cash value |
Your deductible |
Insurance settlement |
The gap |
GAP pays |
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Loan balance after one year $15,000 |
Your vehicle’s actual cash value $11,000 |
Your deductible $1,000 |
Insurance settlement $1,000 |
The gap $5,000 |
GAP pays $5,000 |
Mechanical Breakdown Protection (Warranty)1 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).
- Our warranty comes with an astounding $0.00 deductible
- 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
1Contact the Mutual CU Loan Department for a complete description of terms, conditions and fees concerning this product.
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