Payment protection is a product designed to protect you, your family, and your credit in the event of your death or disability. The consequences of your disability or death may be devastating to your family’s financial well-being. Consider what portion of your income maintains your family’s well-being and then ask yourself what happens if your family no longer has your income.
Without adequate coverage, your death or disability may result in the following:
Undue financial hardship
Damage to your credit rating due to late payments or no payments on bills, as well as possible repossession of loan collateral (i.e. your car)
Depletion of the family’s savings
Drastic changes to the family’s financial lifestyle
GECU offers you two different inexpensive ways to protect yourself and your loved ones. Both payment protection plans provide premiums which are affordable and are figured in directly with your GECU loan payment. Neither plan requires a physical; you simply must meet eligibility requirements.
Disability Payment Protection Plan:
If you become disabled, this plan makes your payment until you can return to work or until the loan is paid off, whichever comes first.*
Benefits are paid in addition to any other disability benefits you may receive.
This protection covers both injury and illness and doesn’t require hospitalization.
Life Payment Protection Plan:
In the event of your death, the life coverage pays off the scheduled balance of your loan,*
leaving your family with an asset instead of a liability.
This protection is available for the borrower (single) or the borrower and co-borrower (joint protection.)
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*Please refer to your payment protection certificate for a complete explanation of benefits. The information provided is only a summary of the provisions of the policy or certificate. Terms and conditions are set forth in the Group Master Policy or Individual Policy and may vary accordingly. You are encouraged to read the certificate for specific details of coverage. GECU’s payment protection plans are administered by the Insurance Center and coverage is underwritten by: American Modern Life Insurance Company, Amelia, Ohio.
