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You’re prepared to make the financial obligation that comes with taking out a loan, but are you prepared for the unexpected? Loan protection options from Lifetime Federal Credit Union can help protect you and your family from unplanned out-of-pocket expenses.

Loan Protection (Credit Life Insurance)

With this coverage option, your loan balance will be paid in full in the event of your death. Instead of having to worry about your loan obligation, your family will be protected.

Payment Protection (Credit Disability Insurance)

Payment protection covers your loan payments if you become sick or hurt and cannot work. This coverage applies until you return to work (even if you continue to receive a paycheck while away from work) or until your loan is paid off. This coverage pays in addition to any other coverage you may already have.

Guaranteed Auto Protection (GAP) with ADR (Auto Deductible Reimbursement) and Down Payment Assistance.

Most auto policies only cover you for the actual cash value or market value of your vehicle, not what you owe on it. The difference that you owe and what your vehicle is worth can be substantial the first 2-3 years of an auto loan. If your car is totaled or stolen, GAP pays any shortage between your insurance company settlement and your scheduled loan balance. Your ADR coverage provides you with deductible reimbursement up to $500 in the event of any auto accident! No out–of-pocket expenses, no hassles, and no worries. The Down Payment Assistance provides a $1,000 down payment if a GAP claim is filed and another vehicle is financed with the Credit Union within 120 days of when the insurance company issues a settlement check.

Vehicle Service Contract

This protection covers full retail parts and labor for the life of the contract so you don’t have to worry about expensive repair bills. If you have a covered repair cost, all you pay is your deductible. Extensive Motor Club benefits are also available, including Towing, Rental Car, Lost Key/Lockout, Trip Interruption and 24/7 Roadside Assistance.

To learn more, contact our loan department at (972) 766-6732 or visit a branch.