Payment Protection
Keep your payments and loved ones covered
If the unexpected happens, Payment Protection can provide peace of mind by managing your protected loans, and in turn, lessen the financial strain on your family. Here are a few benefits:
- Life Enhanced. This benefit pays your loan balance (up to policy maximums) if you pass away. You or your family can also collect claim dollars if you experience terminal illness, accidental dismemberment/loss of sight, hospitalization, family leave, and accidental death of a dependent.
- Involuntary Unemployment. Monthly payments will be made for you in the event of involuntary unemployment, for a maximum of six payments, during the life of the loan.
- Funeral Concierge. Whether your loved one’s death is anticipated or unexpected, the program aids participants through funeral planning and logistics, assisting with funeral home pricing and answering any questions along the way.
You can apply for coverage any time, and premiums are included with your monthly payment.
Coverage and Eligibility Details
|
Coverage Option |
Rates per $1,000 |
Max Eligibility Age |
Termination Age |
Max Protected Term |
Max Monthly Benefit |
Max Total Benefit |
|
|
Option 1 |
Life Enhanced, Disability, Involuntary Unemployment |
$3.52 |
Under 72 |
Graded Life Benefit: @ Age 72 Disability & IU: No Age Limitation |
Consumer & Home Equity Loans: 120 Months Credit Card & Lines of Credit: Unlimited |
$1,100 Credit Card Minimum Benefit: $200 |
Life: $100,000 Disability: $13,200 IU: $6,600 |
|
Option 2 |
Life Enhanced, Disability |
$2.41 |
Under 72 |
Graded Life Benefit: @ Age 72 Disability: No Age Limitation |
Consumer & Home Equity Loans: 120 Months Credit Card & Lines of Credit: Unlimited |
$1,100 Credit Card Minimum Benefit: $200 |
Life: $100,000 Disability: $13,200 |
|
Option 3 |
Life Enhanced, Involuntary Unemployment |
$1.87 |
Under 72 |
Graded Life Benefit: @ Age 72 IU: No Age Limitation |
Consumer & Home Equity Loans: 120 Months Credit Card & Lines of Credit: Unlimited |
$1,100 Credit Card Minimum Benefit: $200 |
Life: $100,000 IU: $6,600 |
|
Option 4 |
Life Enhanced |
$0.76 |
Under 72 |
Graded Life Benefit: @ Age 72 |
Consumer & Home Equity Loans: 120 Months Credit Card & Lines of Credit: Unlimited |
N/A |
Life: $100,000 |
Pre-existing conditions may apply and are defined as medical conditions for which the Borrower received medical consultation, diagnosis, or treatment (including prescription medications) within six (6) months prior to the Coverage Effective Date or the date of any later advance, with a loss occurring within six (6) months following the Coverage Effective Date or the date of any later advance. Please refer to the loan addendum for all specifics.
Resources
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Passing On the Story of You
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Your purchase of Payment Protection is optional. Whether or not you purchase Payment Protection will not affect your application for credit or the terms of any existing credit agreement you have with the financial institution. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under Payment Protection. You should carefully read the contract for a full explanation of terms.
SELCO partners with Acuity Insurance, Foremost Insurance Group, Oregon Mutual Insurance, PEMCO Insurance, Progressive, Safeco, Travelers, Grange, National General, and many more carriers.
Insurance products and services are offered through and underwritten by SELCO Group Inc., dba SELCO Insurance Services, a wholly owned subsidiary of SELCO Community Credit Union. Business conducted with SELCO Group Inc., dba SELCO Insurance Services, is separate and distinct from any business conducted with SELCO Community Credit Union. Products offered through SELCO Group Inc., dba SELCO Insurance Services, are not NCUA/NCUSIF or otherwise federally insured, and are not guarantees or obligations of SELCO Community Credit Union. Any insurance required as a condition of an extension of credit by SELCO Community Credit Union may be purchased from an agent or insurance company of the member’s choice.