Credit Disability Insurance

Choosing to take out loans to buy a new car, finance a special vacation, or renovate your home are ways you improve your standard of living. And, planning your family's financial future by requesting credit disability insurance on your loans can help your family keep their standard of living if your income is reduced or eliminated due to a disabling injury or illness.

Credit Disability Insurance with Cooperative Credit Union


  • Members must be actively at work and performing all the duties of a gainful occupation at least 25 hours a week.
  • Members are eligible until age 66
  • Only the primary borrower whose name appears first on the loan note is eligible for coverage

Benefit Maximums

  • Monthly benefit:      $350 per loan
  • Loan Maximum:       $15,000 per loan
  • Term Maximum:       120 months


  • Pre-existing conditions for which there has been treatment, medical advice or diagnosis within a 6-month period prior to the effective date are not covered for disabilities occurring within 6 months of the effective date of the insurance.
  • Normal pregnancy

Benefits Start

  • 30 Day Non Retro Plan: If the member is disabled for more than 30 days, benefits begin on the 31st day of disability.

Benefits Stop When:

  • the member is no longer disabled, or
  • the insured portion of the member's loan has been repaid, or
  • the member stops insurance

Insurance Stops when the earliest of the following occurs:

  • on the last day of the month during which he/she reaches the maximum age for insurance,
  • on the date the loan stops
  • on the last day of the month during which the member makes written request to stop insurance, or
  • on the date of the member's death.

Benefits to the member

  • Minimizes the financial burden by reducing or paying off a loan
  • supplements sick leave benefits and other insurance benefits
  • protects collateral
  • protects member's credit rating

Cost to purchase

  • $0.16 per $100 of your monthly loan balance