Payment Protection Products

TOHEFCU offers a variety of payment protection products. Planning for your future is about making the best choices for you and your family-whether it's improving your standard of living or protecting your financial future.

Credit Life Insurance

Protecting your credit union loan with credit life insurance may help your family in the event of your unexpected death. If you pass away and your claim is payable, Credit Life may pay off or reduce your eligible loan balance to the policy maximum.

Features:

  • Coverage starts on your enrollment date
  • The premium may be included with your monthly loan payments
  • Joint insurance available to protect the borrower and co-borrower
  • May help make life easier for your loved ones

Credit Disability Insurance

Credit Disability Insurance helps make the member's monthly loan payments if he or she becomes totally disabled for longer than the waiting period, up to coverage maximums.

Features:

  • Insures against both injury and illness
  • The premium may be included with your monthly loan payments
  • Joint insurance available to protect the borrower and co-borrower
  • Helps protect you from the unexpected

Guaranteed Asset Protection (GAP)

If your car is totaled or stolen, your auto insurance may not provide enough to pay off the value of your auto loan. Your car could be depreciating faster than you are paying it off. Vehicles often depreciate rapidly and possibly as soon as they are off the lot!

Guaranteed Asset Protection (GAP) may cancel the difference between the actual cash value and the balance of your loan. This protection helps cancel the "gap" between the primary insurance company's settlement and your loan balance.

Features:

  • Fees are competitive and may be included with your monthly loan payments
  • Helps protect the "gap" between primary insurance company payouts and your loan balance
  • Easy to elect when applying for the auto loan