Loan Protection

Credit Union ONE offers a number of ways to help protect you from life's unexpected events.

Guaranteed Asset Protection Plus (GAPP):

Provides affordable protection when the collateral securing a loan, is totaled or has an un-recovered theft loss. Coverage is provided when your primary insurance company settles the claim and there is a remaining loan balance. GAPP will help ease the financial burden by paying the difference between the insurance companies claim settlement and the remaining loan balance. Maximum coverage is $50,000. $1,000 is available toward the purchase of a replacement vehicle if financed at Credit Union ONE within 60 days of the claim settlement. GAPP pays up to $1,000 of your insurance deductible.

Enrollment for GAPP is easy and the cost of premium can be added to your loan.

Credit Life & Credit Disability Payment Protection:

Credit Life and Credit Disability are affordable products designed to pay the loan balance off (up to contract limits) in the event of death or make the loan payment if you are disabled. Maximum life protection is $100,000 per loan. Life coverage ends at age 71. The maximum monthly disability benefit is $1,000 and you must be working 25 hours per week on the loan advance. If disability lasts 14 days the benefit will begin on the first day of disability. Disability coverage ends at age 66.

Enrollment is easy for Credit Life and Credit Disability. Coverage is available on loans with a duration of up to 10 years.