If you get into an accident and your car is determined a total loss, GAP covers whatever your insurance won't pay.
Life, disability, and involuntary unemployment. Bad things don't always happen, but sometimes they do and it's better to be safe than sorry.
Disability and Involuntary Unemployment benefits are now calculated monthly instead of daily. Instead of getting 7 days benefit or a week's worth of your loan payment you'll now get a whole monthly loan payment. The benefit will be paid on your due date so you won't get a late notice. If your claim falls in two calendar months your benefit will be two monthly loan payment. Involuntary Unemployment benefits are not calculated the same way.
Life Plus is a new package of protected events. Life Plus expands your protection against common financial stressors. Whereas before Life paid off your loan if you died, now it can also pay off your loan if you're given less than a year to live or if you lose an eye, foot, or hand. Additionally, Life Plus can make 3 monthly loan payments if you take an extended Family Medical Leave, are hospitalized for 48 hours, or if one of your dependents dies. See the chart below for more details or call us for complete details.
|Protected Event||When Covered||Life Plus Benefit|
|Family Medical Leave||14 consecutive days of unpaid family medical leave||3 months with a $3,000 maximum|
|Hospitalization||48 hospital stay||3 months with a $3,000 maximum|
|Loss of Life of a Non-Protected Dependent||Death of a non-protected dependent||3 months with a $3,000 maximum|
|Terminal Illness||Diagnosis of terminal illness with less than 12 months to live||Aligns with life benefit|
|Accidental Dismemberment||Loss of eye, foot, or hand within 90 days of casual accident||Aligns with life benefit|
Whether you're taking out a loan to make home improvements or buying a vehicle, it can be a financial gamble because things happen... Life happens. You're betting you can pay back your loan and you won't lose your job (to no fault of your own), or become disabled (due to injury or illness), or pass away, leaving your family responsible for your loan balance. Life events can cause financial hardship, making bill-paying difficult. You don't want delinquent payments and defaulted loans to cause you to lose your assets, negatively impact your credit rating, or cause financial distress for your family.
DECU Credit Protector* is a voluntary loan-payment protection product that helps you get relief from the financial burden of delinquency, default, or foreclosure if a protected life event unexpectedly happens to you. And, simple eligibility requirements ease the enrollment process.
If a protected life event happens to you (and you're a protected borrower or co-borrower on the loan), DECU Credit Protector will cancel or reduce repayment of your loan debt — helping to lessen your worries, and your family's worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging.
You can choose to purchase:
Talk to a Member Advocate for complete information about adding protection to your next loan or your existing loan.
* DECU Credit Protector is a debt protection product offered by Decatur Earthmover Credit Union. Enrollment in this debt protection product is voluntary and not required to obtain a loan. Please contact an Earthmover Member Advocate for additional information on benefit maximums, eligibility, limitations, and a copy of your contract.