MEMBER`S CHOICE® Payment Protection Information Sheet
Transcription
MEMBER`S CHOICE® Payment Protection Information Sheet
Example Credit Union SeaComm Federal Credit Union 012-4567-9 031-1450-8 MEMBER’S CHOICE® Payment Protection Information Sheet Plan Types Your Credit Union Carries Include All Open-End Exclude Home Equity: Include Home Equity: Include Consumer Loans Exclude Mortgage/Real Estate: As of 10/13/2010 DISABILITY LIFE Level Rate If totally disabled for more than 14 Days, the Disability benefit will begin on the 15th day. Level Rate Level Rate If totally disabled for more than 14 Days, the Disability benefit will begin on the 15th day. Level Rate If totally disabled for more than 30 Days, the Disability benefit will begin on the 31st day. Level Rate Level Rate Single Premium If totally disabled for more than 14 Days, the Disability benefit will begin on the 15th day. Single Premium For questions on your product information sheets, contact 1-800-356-2644 ext. 2000 CUNA Mutual Group Proprietary and Confidential Further Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group, 2010 All Rights Reserved Page 1 Example Credit Union SeaComm Federal Credit Union 012-4567-9 031-1450-8 MEMBER’S CHOICE® Payment Protection Information Sheet Maximum Coverage Limits Include All Open-End Exclude Home Equity: Level Rate Coverage Amount Total Benefit Termination Age Coverage Duration Monthly Benefit Amount Include Home Equity: Level Rate Coverage Amount Total Benefit Termination Age Coverage Duration Monthly Benefit Amount Level Rate Coverage Amount Total Benefit Termination Age Coverage Duration Loan Duration Monthly Benefit Amount Include Consumer Loans Exclude Mortgage/Real Estate: Single Premium Coverage Amount Total Benefit Termination Age Coverage Duration Loan Duration Monthly Benefit Amount As of 10/13/2010 DISABILITY LIFE $30,000.00 Per Individual $30,000.00 Per Disability 70 180 Months $800.00 Per Loan $55,000.00 Per Individual $55,000.00 Per Individual 70 180 Months $30,000.00 Per Individual $30,000.00 Per Disability 70 180 Months $800.00 Per Loan $55,000.00 Per Individual $55,000.00 Per Individual 70 180 Months $30,000.00 Per Individual $30,000.00 Per Disability 70 180 Months 180 Months Closed-End $1,000.00 Per Loan $55,000.00 Per Individual $55,000.00 Per Individual 70 180 Months 180 Months Closed-End $30,000.00 Per Individual $30,000.00 Per Disability 70 120 Months 120 Months Closed-End $800.00 Per Loan $55,000.00 Per Individual $55,000.00 Per Individual 70 120 Months 120 Months Closed-End For questions on your product information sheets, contact 1-800-356-2644 ext. 2000 CUNA Mutual Group Proprietary and Confidential Further Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group, 2010 All Rights Reserved Page 2 Example Credit Union SeaComm Federal Credit Union 012-4567-9 031-1450-8 MEMBER’S CHOICE® Payment Protection Information Sheet Who is eligible? Include All Open-End Exclude Home Equity: Level Rate Eligibility Age Working Requirement Health Questions Include Home Equity: Level Rate Eligibility Age Working Requirement Health Questions Level Rate Eligibility Age Working Requirement Health Questions Include Consumer Loans Exclude Mortgage/Real Estate: Single Premium Eligibility Age Working Requirement Health Questions DISABILITY LIFE Under age 70 Years on the loan expiration date You are Actively at Work a minimum of 20 Hours Per Week on the Loan Advance Date Health question is required on all loans. Under age 70 Years on the loan expiration date Under age 70 Years on the loan expiration date You are Actively at Work a minimum of 20 Hours Per Week on the Loan Advance Date Health question is required on all loans. Under age 70 Years on the loan expiration date You are Actively at Work a minimum of 20 Hours Per Week on the Loan Advance Date Health question is required on all loans. Under age 70 Years on the loan expiration date You are Actively at Work a minimum of 20 Hours Per Week on the Loan Advance Date Health question is required on all loans. Health question is required on all loans. Under age 70 Years on the loan expiration date Health question is required on all loans. Under age 70 Years on the loan expiration date Health question is required on all loans. Under age 70 Years on the loan expiration date Health question is required on all loans. Closed-End Loans that exceed the Loan Duration Maximum are not eligible for coverage. As of 10/13/2010 For questions on your product information sheets, contact 1-800-356-2644 ext. 2000 CUNA Mutual Group Proprietary and Confidential Further Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group, 2010 All Rights Reserved Page 3 Example Credit Union SeaComm Federal Credit Union 012-4567-9 031-1450-8 MEMBER’S CHOICE® Payment Protection Information Sheet How much does it cost? Include All Open-End Exclude Home Equity: Level Rate Single Rate Joint Rate Include Home Equity: Level Rate Single Rate Joint Rate Level Rate Single Rate Joint Rate Include Consumer Loans Exclude Mortgage/Real Estate: Single Premium Single Rate Joint Rate DISABILITY LIFE $3.58 Per $1000 Per Month $0.55 Per $1000 Per Month $0.88 Per $1000 Per Month $3.58 Per $1000 Per Month $0.55 Per $1000 Per Month $0.88 Per $1000 Per Month $1.26 Per $1000 Per Month $0.54 Per $1000 Per Month $0.86 Per $1000 Per Month Based on Calculation $0.40 Per $1000 Per Month $0.64 Per $1000 Per Month All insured members pay the same low rate regardless of their sex, health, occupation or participation in risky recreational activities, or age (unless your credit union has elected age rated credit life). As of 10/13/2010 For questions on your product information sheets, contact 1-800-356-2644 ext. 2000 CUNA Mutual Group Proprietary and Confidential Further Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group, 2010 All Rights Reserved Page 4 Example Credit Union SeaComm Federal Credit Union 012-4567-9 031-1450-8 MEMBER’S CHOICE® Payment Protection Information Sheet What are the exclusions? MEMBER’S CHOICE Disability makes a member’s loan payments, up to the ‘maximum coverage limits’, should they become totally disabled due to sickness or injury while insured, except as described under the following exclusions section. MEMBER’S CHOICE Life pays off or reduces the member’s outstanding loan balance up to the ‘coverage limit’ if the member dies while insured, except as described under the following exclusions section. Refer to the Certificate of Insurance for details of your coverage. Include All Open-End Exclude Home Equity: Level Rate DISABILITY LIFE Intentional Injury Pre-Existing Condition The Pre-Existing Condition Exclusion applies when the disability occurs within 6 Months after the Loan Advance Date and is related to a Pre-Existing Condition for which the member received treatment during the 6 Months prior to the Loan Advance Date Suicide The Suicide Exclusion applies 12 Months after the Insurance Enrollment Date Include Home Equity: Level Rate Level Rate Intentional Injury Pre-Existing Condition The Pre-Existing Condition Exclusion applies when the disability occurs within 6 Months after the Loan Advance Date and is related to a Pre-Existing Condition for which the member received treatment during the 6 Months prior to the Loan Advance Date Intentional Injury Pre-Existing Condition The Pre-Existing Condition Exclusion applies when the disability occurs within 6 Months after the Loan Advance Date and is related to a Pre-Existing Condition for which the member received treatment during the 6 Months prior to the Loan Advance Date Suicide The Suicide Exclusion applies 12 Months after the Insurance Enrollment Date Suicide The Suicide Exclusion applies 12 Months after the Insurance Enrollment Date As of 10/13/2010 For questions on your product information sheets, contact 1-800-356-2644 ext. 2000 CUNA Mutual Group Proprietary and Confidential Further Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group, 2010 All Rights Reserved Page 5 Example Credit Union SeaComm Federal Credit Union 012-4567-9 031-1450-8 MEMBER’S CHOICE® Payment Protection Information Sheet Include Consumer Loans Exclude Mortgage/Real Estate: Single Premium Intentional Injury Pre-Existing Condition The Pre-Existing Condition Exclusion applies when the disability occurs within 6 Months after the Loan Advance Date and is related to a Pre-Existing Condition for which the member received treatment during the 6 Months prior to the Loan Advance Date Suicide The Suicide Exclusion applies 12 Months after the Insurance Enrollment Date As of 10/13/2010 For questions on your product information sheets, contact 1-800-356-2644 ext. 2000 CUNA Mutual Group Proprietary and Confidential Further Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group, 2010 All Rights Reserved Page 6 Example Credit Union SeaComm Federal Credit Union 012-4567-9 031-1450-8 MEMBER’S CHOICE® Payment Protection Information Sheet Explanation of coverage This Applies to All Disability Coverage The Definition of Total Disability Disability benefits start once the waiting period has been completed. Unable to perform the main duties of any occupation for substantially equal compensation Recurring Disability If the same disability reoccurs within 90 Days, it's not considered a new period of disability. When does coverage terminate? • LEVEL RATE/MONTHLY RENEWABLE: (1) On the first billing date after the credit union receives the member’s request to stop the insurance or to stop paying premium charges; (2) On the first billing date after the member reaches the termination age maximum; (3) On the date the member’s loan stops; (4) On the billing date on which the member is 3 months delinquent in any payment of his loan; or (5) On the date the Policy stops. • SINGLE PREMIUM: The insurance stops on the scheduled expiration date or when the member’s loan is paid off, renewed, refinanced, or otherwise stops, whichever happens first. If the member’s insurance stops before the scheduled expiration date, a refund or a credit of unearned premium will be given to the member. What happens when a member cancels? If a covered member cancels insurance within the first 30 days from the delivery of their certificate of insurance, their premium will be refunded in full. If the covered member cancels at any time thereafter, any unearned premium will be refunded in accordance with applicable law. Need to file a claim? Claims filing can be handled either by paper or electronically. To use the paper method, call 1-800-621-6323 to speak with a claims representative or to use CUNA Mutual’s IVR, Interactive Voice Response System. To file electronically go to Claims Online at CUNA Mutual’s web site www.cunamutual.com. Ethics Statement and Marketing Practices In the process of offering credit insurance to the member, be sure the member understands: • • • • coverage is voluntary and they should purchase it to fill gaps in their existing insurance coverage; they can buy either disability or life insurance products separately or together (if the credit union offers both); where to find their certificate and where to find the information on how to file a claim; they have a 30-day free look during which time they can cancel coverage and receive a full refund of premium; CMFG Life Insurance Company and your credit union expect you to strive to understand members’ needs, to uphold a standard of integrity that will reflect well on the credit union, and to know and understand this insurance coverage so you can answer members’ questions openly and honestly. As of 10/13/2010 For questions on your product information sheets, contact 1-800-356-2644 ext. 2000 CUNA Mutual Group Proprietary and Confidential Further Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group, 2010 All Rights Reserved Page 7