Added Securities…No Worries…
Another free benefit offered by LICU is the Loan Protection Plan that covers all the loan products offered by your Credit Union. Loans are covered for up to a maximum of $40,000.00 free of cost to the members. Similarly to the Life Savings Protection, loan coverage ceases at age 70.
The benefit for this Loan Protection Plan is calculated as follows:
Upon the date of death, the loan balance outstanding (must be below the $40,000 maximum) is paid off in its entirety and any interest accumulated since the last payment date is also paid off on behalf of.
- Death Certificate
- Newspaper Clipping
- Police Report
- Member’s Passbook