Insurance Products
TOHEFCU offers a variety of insurance 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
Requesting credit life insurance on your credit union loans can help your family keep their standard of living if your income is lost due to your death. If you pass away and your claim is payable, your eligible loan balance is reduced or paid off up to the policy maximum.
Features:
- Immediate coverage up to the balance of the loan or policy maximum
- Easy payments built right into the loan
- Joint insurance available to protect the borrower and co-borrower
- Gives the borrower peace of mind
Credit Disability Insurance
Credit Disability Insurance helps make the member's payments if he or she becomes disabled and unable to work. This disability must be substantiated by a doctor.
Features:
- Insures against both injury and illness
- Easy payments built right into the loan
- Coverage is available to the main borrower only
- Protects your credit score in the event an illness or injury keeps you from working
- Protects you from the unexpected
Guaranteed Asset Protection (GAP) Insurance
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. Most cars depreciate by thousands of dollars as soon as they are driven off the lot!
Guaranteed Asset Protection (GAP) covers the difference between the actual cash value and the balance of your loan. Without this protection you are responsible for the "gap" between the insurance company's settlement and your loan balance.
Features:
- Low cost coverage built right into your loan payments
- Covers the "gap" between insurance company payouts and your loan balance
- Easy to enroll when applying for the auto loan
