Loan Protection
Are you prepared to protect your family, property, and even your credit rating should something unforeseen happen. What if you experience a sudden loss of income? Let UHS Employees Federal Credit Union ensure that your loans are protected with loan protection.
UHS Employees Federal Credit Union offers life insurance benefits, disability insurance benefits and the combination of both:
Life Insurance Benefit (both single and joint closed-end loans)
- Pays off loans up to $55,000.00 in the event of death
- Maximum eligible loan term is 300 months
- Maximum term of insurance is 240 months
- If purchased jointly, both borrower and co-borrower are included for protection
- Maximum issue and termination age is 70 years of age
- Cost is $0.54 (Single) or $0.86 (joint) per $1,000.00 of your loan balance per month
Disability Insurance Benefit (both single and joint closed-end loans)
- Makes loan payments in case of disability the maximum monthly benefit is $1,000.00
- Total maximum benefit is $30,000.00
- Maximum eligible loan term is 300 months
- Maximum term of insurance is 240 months
- 24 maximum monthly benefit payments if disabled before age 50
- 12 maximum monthly benefit payments if disabled on or after age 50
- 30 day waiting period
- If purchased jointly, both borrower and co-borrower are included for protection
- Cost is $1.89 (single) or $3.59 (joint) per $1,000.00 of your loan balance per month
