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Loan Payment Protection
You'll feel secure knowing that your loan and family are protected in the event of disability or death. With Credit Life and Credit Disability, the outstanding balance on your loan will be paid off should the unexpected occur.
What is loan protection?
Loan protection insurance is designed to make sure a debt doesn't become a burden. Credit Life pays off the loan (or reduces it) if you die. Credit Disability takes over the loan payments if you become disabled.
How do you get coverage on your loan?
During the loan process, you'll be given a chance to enroll in Mountain America's Loan Protection Program. You'll also be informed of the cost. If you want loan protection, typically you won't have to go through a long approval process. Your insurance will become effective as soon as your loan is finalized. If you don't sign up for Loan Protection during the loan process, you can still add it any time within the first year.
How is the cost determined?
The cost of credit insurance is determined by your loan balance, not by your age, as it is with most other types of insurance. Your premiums only reflect the cost to insure your loan. For convenience, your premiums are included in your loan payment.
Who provides loan protection insurance?
Loan Protection Insurance is underwritten by Transamerica Life Insurance Company. Ask your Mountain America Credit Union representative for complete description of carriers and plans. Transamerica Life Insurance Company has been rated A+ by A.M. Best for financial condition.
Sign up for Loan Protection Program today.
Call 801-325-6228 or 1-800-748-4302 and we will be happy to answer your questions.
Insurance products are not deposits of Mountain America Credit Union and are not protected by the NCUA. They are not an obligation of or guaranteed by the Credit Union and may be subject to risk. Any insurance required as a condition of an extension of credit by the Credit Union need not be purchased from the Credit Union and may be purchased from an agent or insurance company of the member's choice. Insurance products are not exclusive to Mountain America Credit Union members. Mountain America Insurance Services, LLC is a wholly owned subsidiary of Mountain America Financial Services, which is a wholly owned subsidiary of Mountain America Credit Union. Business conducted with Mountain America Insurance Services, LLC is separate and distinct from any business conducted with the Credit Union.
