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Credit and Life Disability
Term insurance that is purchased in conjunction with a consumer credit transaction.
  • Coverage matches the credit Disability Limits
  • Lender is the first beneficiary
  • Single premium is paid at inception of loan
  • Group coverage - same rate is charged to every customer regardless of age, gender, or occupation

Credit Life - Pays the insured's covered loan balance in the event of his/her death. Can be offered to one borrower (single coverage) or to borrower and co-borrower (joint coverage).

Credit Disability - Pays a portion of the insured's monthly loan payment. Proceeds are payable as 1/30th of the monthly payment for each day the insured is disabled.

Payment Protection Plan - our credit insurance program that includes credit life and credit disability. There are many reasons why your borrowers will want to enroll in this program.

  • The borrower has a sense knowing that his or her loan is covered in the event of a sudden accident or illness or unexpected death.
  • The borrower only pays for what he or she needs. If the loan is paid off early, any unused premium is credited to the payoff amount.
  • Many borrowers are under-insured, but tend to avoid the task of purchasing more. Since the Payment Protection Plan is an easy and convenient way to meet a portion of their insurance needs, many borrowers choose to enroll.

Eligibility Requirements

Life: Must be within age limit 18-65
Disability: Must be within the age limit 18-65 and gainfully employed

Life Limits
Max Insurance Term Max Benefit Amount Ages
120 Months $150,000 18-55
120 Months $100,000 56-65
disability Limits
Max Insurance Term Max Monthly Benefit Term Length
120 Months $1000 1-60 Months
120 Months $500 61-120 Months
Life Disability
  • Suicide within 2 (two) years of effective date
  • Age out - 71 years
  • Normal Pregnancy
  • Intentionally self-inflicted injuries
  • Pre-existing illness/condition
  • Age out - 66 years
Features and Benefits
Features Benefits
Protection This program protects your borrower's family during times of financial hardship. It also helps maintain their account in good standing.
Finance the Premium Start protecting your borrower's loan today with no out-of-pocket expenses. The premium is conveniently financed as part of the loan.
No Occupational Restrictions There are no occupational restrictions so no one is refused based on what they do for a living -- including hazardous occupations.
Group Rate Because this is a group plan we offer to all eligible loan applicants, borrowers have the benefit of a group rate. That means no one will be paying a higher rate due to age or occupation. The rate is the same.
Joint Life Coverage Borrower and spouse (or co-borrower) have the opportunity to protect each other. If both are making this loan a shared responsibility, it's wise to consider joint life coverage.
Easy and Friendly Application The application is short and easy to complete. Save time because no one has to take a physical or have blood-work done. The application is completed with loan papers.