Loan Protection

Life happens. Don’t let that affect your finances. Protect your loan with the following options.

Credit Disability and Credit Life

Available on auto and personal loans.

Choosing the insurance that helps give you peace of mind.

While you can’t predict an accident, you can plan how you’ll be able to financially handle one should it occur. MEMBER’S CHOICE® Credit Life Insurance and Credit Disability Insurance plans offer loan-specific coverage.

MEMBER’S CHOICE® Credit Life Insurance is a voluntary coverage that can help reduce or pay off your loan balance, up to the maximum limit, if you or your covered co-borrower pass away.

MEMBER’S CHOICE® Credit Disability Insurance is a voluntary coverage plan that helps make monthly loan payments, up to the maximum limit, should you become totally disabled, until you are no longer disabled.

*CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Your purchase of MEMBER’S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company, is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusion may apply. Please contact your loan representative or refer to the Group Policy for a full explanation of the terms.

Guaranteed Asset Protection (GAP)

Available on auto loans.

Choosing the insurance that helps give you peace of mind.

If your vehicle is totaled or stolen, GAP could help fill the gap between what your car insurance will pay and what you owe on your loan, to cushion you against sudden out-of-pocket expenses. These expenses could cost you thousands of dollars.

Fair market value doesn’t seem fair if your car is totaled, because you could end up owing more on your loan than the insurance company says your vehicle is worth. Don’t let a wrecked car wreck your finances!

Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the GAP Waiver Agreement for a full explanation of the terms of GAP. If your choose GAP, adding the product fee to your loan amount will increase the cost of GAP. You may cancel the protection at any time. If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product.

Mechanical Repair Coverage

Available on auto loans.

The miles can add up, but the repair costs don’t have to.

What is MEMBER’S CHOICE® Mechanical Repair Coverage?
It’s hard to anticipate vehicle repair and maintenance. Budgeting for this can be difficult and can tie up funds earmarked for other needs. MEMBER’S CHOICE® Mechanical Repair Coverage (MRC) is a voluntary product that may help pay for repairs on your vehicle, giving your more control to help you keep your car on the road where it should be.

How Does it Work?
If your vehicle breaks down, Mechanical Repair Coverage pays for the cost of covered repair, less any deductible, at any authorized repair facility in the U.S. or Canada. Your loan officer can show you how a few simple steps will help you take more responsibility for your financial future. You can cancel within 60 days for a full refund if the agreement has not been used. Or you can cancel anytime after that for a pro-rated refund less an administrative fee. If at any time you have questions, simply contact us.

Why is it Valuable?
Typically, as the age of your vehicle increases so does the average cost of repairs. That’s why Mechanical Repair Coverage is so valuable. MRC provides rental reimbursement, 24-hour emergency roadside assistance and travel expense reimbursement; in addition, if you sell your vehicle privately, the coverage can be transferred (for a fee).

Be sure to read the Vehicle Service Contract or Insurance Policy which will explain the exact terms, conditions, and exclusions of this voluntary product. Coverage will vary by state. MEMBER’S CHOICE® Mechanical Repair Coverage is administered by Consumer Program Administrators, Inc. in all states except AK and CA, where coverage is administered by Virginia Surety Company, Inc., in WA, where coverage is administered by Automotive Warranty Services, Inc., in FL, LA, OK and WI, where coverage is administered by Automotive Warranty Services of Florida, Inc. (Florida License #60023) and in AZ, where the Obligor and Administrator is Consumer Program Administrators, Inc., all located at 175 West Jackson Blvd., Chicago, Illinois 60604, 1-800-752-6265. This coverage is made available to you by CUNA Mutual Insurance Agency, Inc. In those states where MEMBER’S CHOICE® Mechanical Repair Coverage is offered as insurance (form MCCU-001-MBI) it is underwritten by Virginia Surety Company, Inc.