Loan Protection Insurance

This 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, actual benefits paid depends on the maximum coverage limit individual Credit Unions have in place at the date of the member’s death.

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?

Upon the demise of a family member, file a death claim with your Credit Union anytime within 6 months from the date of the incident with or without the death certificate. You will need it however to complete the filing later. You can file as early as 7 days from the date of the incident, so your Credit Union can begin the claims process. After you have done this, your claim file will remain open for two (2) years from the date of the incident to allow you time to complete the filing process and grieve the loss of your loved one.

BECAUSE WE CARE

With your completed claim documents; CICL’s speedy claims payout is designed to offer some much needed relief during your time of bereavement.

Do not worry; Your Credit Union has all of the forms needed to file a claim on member’s behalf.