At VyStar, we offer easy ways to help protect your family's financial future. One of these is the option to insure your VyStar Consumer Loans with Credit Life and/or Credit Disability coverage—up to $50,000 per loan amount. We conveniently add the premiums to the loan's principal outstanding balance.
Credit Life Insurance is designed to pay off an insured member's loan balance within the terms of the policy and up to the coverage maximum in the event of their death.
Credit Disability Insurance is designed to provide for the continued payment of an insured member's loan balance in case of total disability due to accident or illness up to the coverage maximum.
Open-end loans: The premium is calculated and added to the outstanding balance of your loan each month but the monthly payment is not increased. This may impact the period of time necessary to repay the loan balance.
Closed-end loans: The premium is calculated and added to the outstanding balance of your loan each month, but the anticipated total premium to be added to the loan is taken into consideration when the monthly loan payment is calculated.
Yes, eligibility requirements are based on:
No. The payment does not change for an open-end or closed-end loan when credit insurance is removed.
Yes, you may elect to add, change or cancel credit life and/or credit disability coverage on consumer loans at any time. (Exception: HELOCs are no longer eligible for coverage.) If adding coverage more than 30 days after loan origination, required health questions must be answered to determine eligibility.
Please note: When adding coverage to a closed-end loan, the payment will increase. Home Equity Lines of Credit (HELOCs) originated prior to June 1, 2013, were eligible for coverage, but cannot add coverage.
When you turn 72 years old, your credit life insurance automatically stops and your premiums are discontinued. It’s important to note, there are other circumstances in which coverage may
terminate. Please refer to the Credit Insurance Group Policy available at the credit union for
Premiums are added to the loan’s balance at the beginning of each month and decrease as the loan balance declines, as long as the loan/sub-account has a balance and is not more than 90 days delinquent.
Please note: The premium added at the beginning of the month is paying for the coverage for the previous month.
No. Below is a listing of the loans that credit disability insurance is offered on through VyStar Credit Union.
Yes. The contract includes a pre-existing condition exclusion and normal pregnancy clause.
Please note: When adding coverage to a closed-end loan, the payments will increase. Home Equity Lines of Credit (HELOCs) originated prior to June 1, 2013, were eligible for coverage, but cannot add coverage.
Refunds are only given if you cancel your coverage within 30 days of electing coverage.
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 exclusions may apply. Please contact your loan representative, or refer to the Group Policy for a full explanation of the terms.
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