Loan Protection

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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.

Required Documentation

  • Death Certificate
  • Newspaper Clipping
  • Police Report
  • Member’s Passbook
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