Loan Protection Options
Credit Life Insurance
Peace of mind and no debt burden for your loved ones…….that’s what Credit Life Insurance can do for you! In the event a member becomes deceased, Credit Life Insurance coverage will payoff that member’s loan in full. Members can purchase Credit Life Insurance ONLY at the time original loan paperwork is completed – it cannot be added later. Credit Life Insurance is available on most ACMG Federal Credit Union loans for people under 70 years of age. It is a product that offers protection you can depend on.
Credit Disability Insurance
Don't get into financial trouble if you should become disabled. If you are out of work due to illness or injury for more than 30 days, Credit Disability Insurance will make your monthly payments on your loan for as long as your are out of work and under a physician's care. This insurance benefit is a safety net for your physical and financial well-being. Available on most credit union loans Credit Disability Insurance is sensible and affordable. Benefits begin on the 31st day of your disability and offered to members under the age of 66.
For more information on Credit Life and/or Disability Insurance, click on the image link above or contact an ACMG Loan Officer today!
Unfortunately, things don’t always go according to plan. If your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared a total loss; auto insurance will cover the replacement value. However, you remain liable for payment of the difference between the insurance settlement and the remaining loan balance. This deficiency can sometimes amount to thousands of dollars. Guaranteed Asset Protection (GAP) will cover the difference between an insurance settlement and the amount still owed on your automobile loan. It covers the “gap”!
For just a few dollars per month, you can protect yourself against this kind of unexpected expense. Sign up when you apply for your auto loan and the cost can be rolled into the loan (even when refinancing from another lender). For existing ACMG auto loans, GAP can be purchased during the first 60 days of your loan for a low, one-time cost! Don’t be caught off guard if something happens to your vehicle, be prepared with Guaranteed Asset Protection.
For more information, submit an Online Request Form or contact an ACMG Loan Officer today!