Insurance
Planning for the unexpected is just as important as managing your money wisely. At Hometown Credit Union, we offer several forms of insurance to help you prepare for life’s unexpected turns.
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Savings Life Insurance
Savings Life Insurance is a group life insurance. If you should die, this insurance can help your family by matching your share savings dollar-for-dollar up to a maximum of $2,500. Benefits are reduced for deposits made over age 55:
- Deposits made before age 55 are insured 100% up to $2,500.
- Additional deposits made between ages 55 and 60 are insured for 75% of the new deposit.
- Additional deposits made between ages 60 and 65 are insured for 50% of the new deposit.
- Additional deposits made between ages 65 and 70 are insured for 25% of the new deposit.
- Additional deposits made over age 70 are not insured.
- Total maximum insured amount is $2,500.
Loan Protection Insurance
Loan Protection Insurance will protect your family against having to pay off your loan if you die. The insurance will pay off your loan if you die before the maturity date. If you qualify, we will offer this insurance at the time you take out a loan. The premium can be included in the amount of the loan.
Credit Disability Insurance
Credit Disability Insurance will pay your loan payments in the event of a disabling illness or injury. These payments will continue until you are able to return to work, or until the loan is paid off.
