Loan Insurance Solutions
TECU offers life and disability insurance on a wide range of products.
Personal Loan Insurance
Why take the risk? Should something happen to you or you become disabled, your loan may be reduced or paid off, or your loan payments may be made for you. Life coverage can help to reduce or eliminate your outstanding debt in the event of your death, and disability coverage can help make the loan payments if you are unable to work due to covered illness or injury.
Joint Coverage? If you have entered into a joint loan, be sure your co-borrower is protected too, with joint life and disability coverage.
How do I pay the premium? Since the single premium for this insurance is included in the loan balance, you never have to worry about missing a payment or having your rates increased.
Rest Easy! Why worry about who will pay off your loan in the event of your death or disability. You can rest easy knowing that your benefits may be paid in addition to other insurance or company protection you may have.
Line of Credit Insurance
Borrow Only as Needed A Line of Credit can be convenient because you do not need to re-apply every time you need additional funds. The Line of Credit is available to you, and you only pay interest on what you are using. Life & Disability coverage works the same way, whereby your monthly premium is based on your average balance for the month. This means you don’t pay a premium if you are not currently using your Line of Credit.
Joint Coverage? Joint Coverage is available for both parties entered into the agreement for the Line of Credit. Credit life and disability protection are both available for single and joint coverage.
How do I pay the Premium? For your convenience, the monthly premiums are automatically deducted from your chequing account at the Credit Union. But remember, it is only based on what your average balance was the previous month, not your approved Line of Credit.
Act Today Don’t let yourself or your family be caught off guard. Sign up for credit insurance on your Line of Credit today. Ask your Loan Officer for more details.