Payment Protection Credit Insurance

What ever the reason you’re considering a consumer loan, you wouldn’t want your family to warry about making payments in the event of a death or disability.

Payment protection credit insurance can give you financial peace of mind if the unexpected were to happen. There are two types of payment protection credit insurance.

  • Credit Life Insurance. You can’t imagine life without your family, and you can’t imagine your family without you. However, if the unimaginable happens, this can help your loved ones keep their financial footing by paying off or reducing the insurance balance on your loan if you die.]
  • Credit Disability. You don’t want anything getting in the way of making your loan payments if you have an illness or injury. This is designed to pay your loan payments (up to the contract limits) if you become sick or injured and are unable to work.

The benefits of payment protection credit insurance:

  • Your loan is protected. Helps ensure your loan will not end up in default if you die or become disabled and are unable to work.
  • Reasonable premiums and payments. Campus Credit Union adapts terms so that your monthly payments will either have no effect or little effect with payment protection.
  • It’s convenient. Apply for credit insurance when you apply for your loan – your premium is included with your monthly loan payment.
  • Simplified eligibility. Available for consumers up to age 66 for disability and 70 for credit life. A medical exam is usually not required, but general health questions may be asked.

How is this different form disability insurance provided by my employer?

Your disability coverage through work may not be enough to provide for your family if you are disabled. Most long-term benefit plans only cover 60 percent of your take-home pay for an average six months. Considering your other household expenses, your loan could fall by the wayside.

That’s why bills could pile up as you try to regain your health and earning capacity after a disability – making it harder for you to pay your loan.

Who underwrites the coverage?

Insurance is underwritten by Minnesota Life Insurance Company, or Securian Life Insurance Company in New York, member companies of Securian Financial Group, Inc. Securian is highly rated by the major independent rating agencies that analyze the financial soundness and claims-paying ability of insurance companies. For more information about the rating agencies and to see where Securian’s rating ranks relative to other ratings, please visit

No obligation for 30 days.

When you apply for payment protection credit insurance, you have 30 days to review your plan and make sure it lives up to your expectations. If, during this period, you decide you don’t want the coverage, you can cancel it without obligation and any premiums paid will be refunded.