Credit Life & Disability Insurance
Be prepared for the unexpected with Payment Protection, Credit Life & Disability Insurance on your OUCU loan. OUCU has partnered with Minnesota Life to offer you affordable insurance to safeguard you and your family. Payment Protection provides peace of mind by helping to protect your income, collateral, and credit rating.
Payment Protection - Two Insurance Coverages
| Coverage I: Credit Life* | Coverage II: Credit Disability** |
|
Benefit Protects you and your family with payment of your loan upon death. |
Benefit |
|
Coverage Up to $50,000 per loan for up to 120 months. |
Coverage Up to $50,000 per loan and up to $750 per month. |
|
Age Requirements Maximum for insurance is 71 years old. Minimum for insurance is 16 years old. |
Age Requirements Maximum for insurance is 66 years old. Minimum for insurance is 16 years old. |
|
Cost: |
Cost: |
|
Work Requirements 20 hours per week prior to applying. |
|
|
Term There is a 30 day waiting period. If you are disabled more than 30 days, the insurance will begin on the 31st day. |
|
| *Benefits paid upon death with the exclusion of deaths caused by suicide within 12 months of issuing. Pre-existing conditions may not be qualified for insurance. Coverage is not available on OUCU mortgages. | **Pre-exisiting conditions may not be qualified for insurance. Coverage is not available on OUCU mortgages. |
30-Day No Obligation
Upon application, you have up to 30 days to review your plan and make sure it meets your expectations. If you don't want the coverage, you can cancel without obligation and any premiums paid will be refunded.
Filing a Claim and Policy Questions
To file a claim, contact us upon occurrence of the covered event at 248-364-4708 or 800-766-6828. For policy questions, contact Minnesota Life at 800-452-4521.
Add Payment Protection to Your Loan
Call 248-364-4708 or 800-766-6828, or visit any branch location to include Payment Protection with your OUCU loan at any time.
