Savings Services

MultiPurpose Loans

Additional Member Services

INSURANCE COVERAGE

< top of page >

Credit Payment Protection Members may apply for credit life insurance and/or credit disability insurance to Minnesota Life pertaining to the Member(s) loan(s) from the Credit Union.

< top of page >

Credit Insurance Protect your family’s financial security and give them peace of mind.
Credit Insurance (also known as Payment Protection) protects your credit rating by ensuring your loan will not end up in default in the event of your disability or death. This reduces the financial burden on your family. Payment Protection may be an effective way to supplement the other life or disability insurance you carry.

Credit insurance is optional coverage.

• Single and joint coverage is available for credit life insurance. Single coverage is available in all states for credit disability insurance.
• Convenient - application is easy and usually done at time of loan application. Your monthly premium is included with your monthly loan payment.
• You can usually obtain Payment Protection up to the age of 65 or possibly even up to age 70.
• A medical exam is usually not required although general health questions may be asked.
• Attractive rates - Rates are established by each state and generally result in reasonable monthly premiums.
• You have 30 days to review your plan and you can cancel it without obligation in the 30 days without obligation and any premiums paid will be refunded.
• Available on installment loans, lines of credit, credit card loan, and certain types of real estate secured loans.

Our credit insurance program is underwritten by Minnesota Life Insurance Company. The company is highly rated by the major independent rating agencies that analyze financial soundness and claims-paying ability.

Essex County NJ Employees Federal Credit Union Member(s) may apply for credit life insurance and/or credit disability insurance to Minnesota Life pertaining to the Member(s) loan from the Essex County NJ Employees Federal Credit Union. The Member(s) decision whether to purchase such insurance has been determined solely by the Member(s). The Essex County NJ Employees Federal Credit Union has made no recommendation to the Member(s) to purchase or not purchase such insurance coverage. The terms and conditions of such insurance coverage are set forth in the APPLICATION/CERTIFICATE GROUP CREDIT INSURANCE from Minnesota Life. The Essex County NJ Employees Federal Credit Union has made no representations whatsoever about the terms and conditions of such insurance coverage. The Member(s) have made the sole determinations as to which Member(s) should be covered by such insurance coverage in the case of a loan to more than one Member. The Essex County NJ Employees Federal Credit Union has not made any representations or given any advice to the Member(s) concerning who should be covered for life insurance or disability insurance. The Member(s) has made all of the coverage selections and designations on the APPLICATION/CERTIFICATE GROUP CREDIT INSURANCE on the Minnesota Life application form and that none of the selections and designations have been made by the Essex County NJ Employees Federal Credit Union.

< top of page >

Credit Life Insurance pays off or reduces a borrower’s loan balance if the borrower dies. Joint credit life insurance protects both a borrower and a co-borrower if both are named on the loan application and are jointly and individually liable under the loan.

< top of page >

Credit Disability Insurance makes loan payments (up to the contract limit) if the insured
becomes disabled and unable to work.

< top of page >

< top of page >