Now you don’t have to lay awake at night worrying about what will happen if the unexpected strikes. CreditSafe* cancels your eligible loan balance, up to $100,000, should you pass away before paying off your loan. In addition, if you become disabled due to a covered illness or injury or you are involuntarily unemployed, CreditSafe can cancel** your monthly loan payment, up to the agreement maximum.
With CreditSafe, you pay group rates and only buy enough protection to cover your loan balance, making payments truly affordable.
Other benefits include:
- Protects your credit rating
- Automatic eligibility for most borrowers
- Simple enrollment
- No medical screening
- Immediate coverage
- Convenient – cost is included in your loan payment
*CreditSafe is a voluntary debt cancellation product available through Credit Union of Georgia. Contact Credit Union of Georgia for product information or to receive a member agreement with complete coverage details. **Payment cancellation means that if you’re disabled or involuntarily unemployed, your loan payments for both principal and interest are cancelled, up to the agreement maximum.
CreditSafe Protection Plans Available
Consumer Loan Protection
- Protects the first two borrowers named on the loan for the same group rate.
- Protection can include life, disability and involuntary unemployment.
- Cancels your loan balance up to $100,000 in the event of death before your 70th birthday.
- Provides up to twelve months or $12,000 of disability protection up to the age of 70.
- Cancels your loan payments for up to six months or $3,000 if involuntarily unemployed up to the age of 70.
Home Equity Protection
- Protects the first two borrowers named on the loan for the same group rate.
- Protection can include life, disability and involuntary unemployment.
- Cancels your loan balance up to $100,000 in the event of death before your 70th birthday.
- Provides up to twelve months or $12,000 of disability protection up to the age of 70.
- Cancels your loan payments for up to six months or $3,000 if involuntarily unemployed up to the age of 70.
Credit Card Protection
- Protects the first two borrowers named on the loan for the same group rate.
- Protection can include life, disability and involuntary unemployment.
- Cancels your credit card balance up to $100,000 in the event of death before your 70th birthday.
- Provides up to twelve months or $12,000 of disability protection up to the age of 70.
- Cancels your credit card payments for up to six months or $3,000 if involuntarily unemployed up to the age of 70.
CreditSafe can help safeguard your family from a financial nightmare.
CREDIT UNION OF GEORGIA CREDITSAFE CONTRACT CHANGE IN TERMS
The following amendments to your CreditSafe Contract(s) (the “Contract”) will take effect on April 1, 2011.
Note: The enhancements to your payment protection products do not modify which options you purchased.
Changes apply to Consumer and Credit Card, and Home Equity Loan Payment Protection Contracts, unless otherwise specified.
| Revised CONTRACT LANGUAGE |
| Page 1, directly under CreditSafe Contract. |
| Page 1, First box section The program contains certain terms and exclusions. Subject to those terms and conditions, which you should read carefully, you are eligible for the program if you are a borrower on the loan on the effective date of protection. |
| Page 2, TERMINATION OF THE PROGRAM. You may terminate this program contract at any time by providing us with written notice at least 5 business days prior to the requested termination date. If you do so within 30 days of enrolling in program, we will credit the outstanding balance for any fees charged for the program. Your protection under the program will automatically terminate: |
| Page 2, Under Protected Events Loss of Life: LOSS OF LIFE (Included with Option 1, Option 2, Option 3, and Option 4 for Consumer and Credit Card Contract; Included with Option 1, Option 2 and Option 3 for Home Equity Contract) If you die before the end of the month during which you reach age 70, we will cancel the lesser of 100% of the protected balance or $100,000. If you die after the end of the month during which you reach age 70, we will cancel the lesser of 25% of the protected balance or $25,000. |
| Page 3, Under Protected Events, Disability: DISABILITY If you are employed full-time when you become disabled, we will cancel the daily payment for each day that you are disabled |
| Page 3, Under Non-Protected Events, Loss of Life: An advance is not protected by Loss of Life protection if the event |
| Page 3, Under Non-Protected Events, Disability:An advance is not protected by Disability protection if the event: |
| Page 3, Under Non-Protected Events, Involuntary Unemployment: An advance is not protected by Involuntary Unemployment protection if the event: |
| Page 3, Under Concurrent Protected Events: If two protected borrowers die at the same time, we will cancel the lesser of the protected balance or the Loss of Life amount for each protected borrower. |
DPGAP-0410-1D95
