Taking out a loan can feel like a financial gamble because we worry about things happening that could prevent us from making loan payments. The added measure of Debt Protection could be the security you need. LLCU has products available to help you get relief from the financial burdens of delinquency, default, or foreclosure if a protected life event unexpectedly happens to you. All of our Debt Protection products offered at LLCU are processed through CUNA (Credit Union National Association).
LLCU offers the following Debt Protection products:
Guaranteed Asset Protection (GAP)
Guaranteed Asset Protection (GAP) helps protect members against financial loss if their GAP-protected vehicle is stolen or declared a total loss. This eases the members’ financial burden by waiving the difference between the members’ primary insurance settlement and their vehicle loan balance. Ideally, GAP covers the “gap” of the loan, if any, for our members for a one-time cost of $330.
Mechanical Repair Coverage (MRC)
Mechanical Repair Coverage (MRC) is a product available to purchase to help protect your vehicle. With three different membership levels, members are able to find affordable coverage based on their needs, making breakdowns a worry of the past while covered.
Life Benefit is a loan protection available to members that simply cancels consumer loans if the member passes away.
Disability Benefit is a loan protection available to members that cancels consumer loan payments up to 24 months, or $24,000, if the member is unable to work and under a doctor’s care.
Unemployment Benefit is a loan protection that will cancel consumer loan payments up to 6 months, or $6,000, for any covered involuntary unemployment.