What is Loan Protection Insurance?
Loan Protection Insurance provides protection to Credit Union members against the burden of any unpaid loans upon total or permanent disability or an untimely death of the borrowing member. While the objective is to allow the debt to die with the debtor, the actual benefit paid depends on the maximum coverage limit established by your Credit Union.
This product is structured specifically for Credit Unions and their members — protecting both the member's family from inheriting debt, and the Credit Union's loan portfolio from default.
Who is Covered?
If you are a member of a Credit Union and currently have a loan with your Credit Union, your loan is covered.
How Do You Collect Benefits?
Loan Protection Insurance provides benefits in the event of the death or total and permanent disability of an insured member, subject to the policy terms and conditions. The claims process below applies to both claim types; however, the supporting documentation required may differ depending on the nature of the claim.
- 1Notify Your Credit Union
Notify your Credit Union as soon as possible following the death or total and permanent disability of an insured member. Early notification allows the claims process to begin promptly.
- 2Submit the Claim
Your Credit Union will guide you through the claims process and advise you of the documents required to submit your claim.
- 3Provide Supporting Documents
Submit all required supporting documents, including those requested by your Credit Union or CICL, to enable the claim to be assessed.
- 4Claim Review & Payment
Once all required documentation has been received and the claim has been approved, benefits will be paid in accordance with the policy terms and conditions.
Because We Care
We understand that making a claim can be challenging during difficult times. Your Credit Union and CICL are committed to guiding you through the claims process with care, professionalism, and efficiency.
Need Assistance?
If you have questions about submitting a Loan Protection claim, please contact your Credit Union or reach out to CICL for assistance.
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Enroll via Your Credit Union
Loan Protection Insurance is administered through your Credit Union. Speak to your Credit Union representative to confirm your coverage.
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