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Loan Insurance
Nassau Financial can provide you peace of mind when it comes to ensuring that your loans will be paid in the event of a death or disability. We offer optional loan protection insurance for just pennies per day.
Credit Life Insurance
Credit Life Insurance is a voluntary insurance for your loans. It pays off the loan balance up to the maximum coverage as of the date of death. It is not affected by any other insurance you may have.
Eligibility: There is an age maximum of 70 years. However, there is no working requirement, which means that even if you are a student, housewife, or retired, you are eligible to choose this valuable protection.
Maximums: Maximums are applied on a per loan basis. You are insured for each covered loan you have with Nassau Financial up to a loan amount of $40,000.
Exclusions: There are no exclusions. Your loan is covered up to the maximum insurable amount from the date you elect coverage. There are no pre-existing illness exclusions under the Credit Union's credit life contract!
Cost: At Nassau Financial you can choose single or joint coverage. Either you alone or you and the co-borrower can elect this valuable coverage to protect your loan in the event of death.
Single Credit Life: This coverage costs .67 cents per thousand, per month
Joint Credit Life: This coverage costs $1.07 per thousand, per month
The following loan types are eligible for this insurance coverage:
- Signature Loans
- Vehicle Loans
- Credit Cards
- Home Equity Loans
- SafeCheck Line of Credit
- Savings Secured Line of Credit
- Share Certificate Loan
Credit Disability Insurance
Credit Disability Insurance is a voluntary payment protection insurance for your loans. It makes payment directly to the Credit Union when you are disabled due to a covered sickness, accident, or injury. It is not affected by any other insurance you may have.
Eligibility: There is an age maximum of 66 years. However, there is no working requirement, which means that even if you are a student, housewife, or retired, you are eligible to choose this valuable payment protection.
Maximums: Maximums are applied on a per loan basis. Your are insured for each loan you have covered with Nassau Financial up to $30,000, for a maximum benefit term of 120 months.
Exclusions: Nassau Financial has a 6 month pre-existing illness exclusion. Pre-existing conditions are sicknesses or injuries for which you received medical advice, diagnosis or treatment during the 6 months immediately preceding the effective date of the loan advance. During the first 6 months we will provide protection for sicknesses or injuries excluding pre-existing conditions. After the first 6 months we will provide protection for all sicknesses or injuries including pre-existing conditions.
Cost: At Nassau Financial the cost for credit disability payment protection on your loan is $2.82 per month, per thousand on your outstanding loan balance. This works out to be only 8 cents per day per thousand dollars! What can we buy for just 8 pennies per day anymore? This is all it will cost you to protect your loan against the risk of disability. And, this cost is added right into your monthly loan payment, eliminating a separate bill.
