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Insurance
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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.
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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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.
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 $175, and may be added to the loan. Contact the Loan Department at any Branch Office for details.
Collateral Protection Insurance
This insurance enables EFCU to protect against losses arising from any member who fails to maintain insurance on collateral-secured loans. EFCU verifies that all new vehicle-secured loans have proof of full insurance coverage. For those that do not have it, collateral insurance is purchased for them at the member's expense. This insurance is not intended to take the place of your personal insurance as it only covers the collateral and does not provide liability or collision coverage.
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