Loan Protection Life Insurance covers the insured borrower in the event of death or total and permanent disability.
Do you qualify for this insurance?
You qualify if you are at work on the date you get the loan. If you are not at work on that date, you will qualify for insurance on the loan on the date you return to work.
"At work" means you are actively working for pay at your job 20 hours a week or more. If you are off work solely because you are on vacation, layoff or other lack of work, or due to temporary minor illness or injury, you will be considered "at work".
If you are not at work on the date you get a loan, you qualify for insurance on the loan subjedct to the following PRE-EXISTING CONDITION LIMITATION. We won't pay a benefit for the loan if your death results from an illness or injury for which you received medical advice, consultation, or treatment within the 6 month period prior to the date you got the loan. We won't apply this rule if: (a) you die 6 months or more after the date of the loan, or (b) your loan balance is $500 or less.
You must be under age 70 on the date you get a loan. Your insurance will also stop when you reach that age. If you misstate your age and you are older than this, we won't pay a benefit.
You are not insured for more than $20,000. If the balance of your loan exceeds this amount, the excess is not insured.
Who is insured?
Single and joint coverages are available for a low monthly premium.