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Insurance
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Select an Insurance Topic:
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Share Insurance/Deposit Protection
Each member's funds are federally insured to at least $250,000 by the National Credit Union
Share Insurance Fund administered by the National Credit Union Administration
(NCUA), an agency of the Federal Government. IRA accounts are separately insured up to
$250,000. Additional protection may be provided on joint owner accounts and
payable-upon-death trust accounts.
Shareholders Life Insurance
Provided for eligible members by matching each dollar in the regular
share savings account up to $2,000. Because the amount of coverage is
based on the member's age at the time of deposit, members are encouraged
to maintain $2,000 in their accounts after they reach age 59.
| Less than 6 months of age |
0% |
| 6 months - 59 years, inclusive |
100% |
| 60 years - 64 years, inclusive |
50% |
| 65 years - 70 years |
25% |
| 71 years and over |
0% |
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Insurance Requirements for Collateral Loans
When you received your loan you agreed to maintain adequate insurance coverage. If your insurance information has changed or you receive a letter stating we don’t have proper documentation, you should provide us with a copy of your insurance declarations page (not your insurance card). The declarations page must show the following information:
1. A loss payee naming Eglin FCU as lien holder.
2. A full collateral description including the Vehicle Identification Number (VIN).
3. Comprehensive and collision coverage with a maximum $1,000 deductible.
4. The effective and expiration dates of the coverage.
You can submit your insurance information in the following ways:
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1. Online
2. Fax: 888-883-5605
3. Mail:
SWBC
RE: Eglin Federal Credit Union Collateral Insurance
P. O. Box 691667
San Antonio, TX 78269-1667
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If you have any questions, please contact our Insurance Department at 866-401-5464.
Collateral Insurance FAQs
MEMBERS® Auto Program
You trust Eglin Federal Credit Union to provide you and your family with quality products and services to meet your financial needs. We've joined with a dedicated team of insurance professionals to bring you the MEMBERS® Auto Insurance Program.
- MEMBERS Auto is the property and casualty coverage solution preferred by the most credit unions and their members.
- Convenient e-service, pay your bill or make changes to your policy, even report a claim.
- Receive fast, easy access to claims service 24-hours a day.
- Obtain a free no obligation quote or locate an agent at the local Liberty Mutual sales office.
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Optional Guaranteed Asset Protection (GAP)
Most new cars depreciate by thousands of dollars as soon as they are purchased. If your vehicle is totaled in an accident or stolen and not recovered, how would you pay the difference between the settlement from your insurance company and the balance on your loan? You remain liable for that amount until the loan is paid in full.
Optional GAP insurance is coverage that pays the difference between your primary insurer's settlement and the loan balance on your vehicle, up to 125% of NADA. GAP, Guaranteed Asset Protection, is now available through EFCU for members who have auto, truck, van, motorcycle or personal watercraft loans. Cost is only $225, and may be added to the loan. Contact the Loan Department at any Branch Office for details.
Optional Credit Disability
Members may now choose to cover their EFCU loans with Credit Disability as well as Credit Life Insurance.
With these Payment Protection options, you can protect your financial resources and your family’s future in the event of your death or disability.
- Credit Disability makes payments on your loans in the event you are disabled.
- Protects the assets that secured your loan(s) and your credit rating.
- Provides added security for your family and helps preserve their standard of living.
- Available at low group rates, and the premium can be added to your loan, so you have no “out of pocket” expense.
- Premium decreases as your loan balance decreases, so you never pay for more coverage than you need.
Credit Disability Single: $0.140
Credit Disability Joint: $0.245 |
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$50,000 Per Loan
$50,000 Per Disability
$850 Monthly Payment Per Loan
60 months Per Disability |
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Benefits are not paid for disability that occurs within six months following the effective date of insurance on a loan advance, if the disability was caused by a condition for which you received medical advice, diagnosis or treatment during the six month period prior to the insurance effective date.
Contact the Loan Department at any Branch Office for additional information and to enroll in Credit Disability Insurance.
Optional Credit Life Insurance
Credit Life insurance relieves your family of the burden of debts in the event of your death.
Available to members under the age of 72 at a nominal cost. Sign up at
the time you get your loan and it's easy to enroll - there are no health questions. This
plan pays in addition to any other insurance coverage you may already have.
| Credit Term Life Single (Primary Borrower): $0.085 |
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$100,000 Per Individual |
| Credit Term Life Joint (Primary and Joint Borrower): $0.148 |
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$100,000 Per Individual |
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Benefits are not paid for death that occurs within six months following the effective date of insurance on a loan advance, if the death was caused by a condition for which you received medical advice, diagnosis or treatment during the six month period prior to the insurance effective date.
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