MEMBER`S CHOICE® Payment Protection Information Sheet

Example
Credit
Union
SeaComm
Federal
Credit Union
012-4567-9
031-1450-8
MEMBER’S CHOICE® Payment Protection Information Sheet
Plan Types Your Credit Union Carries
Include All Open-End
Exclude Home Equity:
Include Home Equity:
Include Consumer Loans
Exclude Mortgage/Real
Estate:
As of
10/13/2010
DISABILITY
LIFE
Level Rate
If totally disabled for more than 14 Days, the
Disability benefit will begin on the 15th day.
Level Rate
Level Rate
If totally disabled for more than 14 Days, the
Disability benefit will begin on the 15th day.
Level Rate
If totally disabled for more than 30 Days, the
Disability benefit will begin on the 31st day.
Level Rate
Level Rate
Single Premium
If totally disabled for more than 14 Days, the
Disability benefit will begin on the 15th day.
Single Premium
For questions on your product information sheets, contact 1-800-356-2644 ext. 2000
CUNA Mutual Group Proprietary and Confidential
Further Reproduction, Adaptation or Distribution Prohibited
© CUNA Mutual Group, 2010 All Rights Reserved
Page 1
Example
Credit
Union
SeaComm
Federal
Credit Union
012-4567-9
031-1450-8
MEMBER’S CHOICE® Payment Protection Information Sheet
Maximum Coverage Limits
Include All Open-End
Exclude Home Equity:
Level Rate
Coverage Amount
Total Benefit
Termination Age
Coverage Duration
Monthly Benefit
Amount
Include Home Equity:
Level Rate
Coverage Amount
Total Benefit
Termination Age
Coverage Duration
Monthly Benefit
Amount
Level Rate
Coverage Amount
Total Benefit
Termination Age
Coverage Duration
Loan Duration
Monthly Benefit
Amount
Include Consumer Loans
Exclude Mortgage/Real
Estate:
Single Premium
Coverage Amount
Total Benefit
Termination Age
Coverage Duration
Loan Duration
Monthly Benefit
Amount
As of
10/13/2010
DISABILITY
LIFE
$30,000.00 Per Individual
$30,000.00 Per Disability
70
180 Months
$800.00 Per Loan
$55,000.00 Per Individual
$55,000.00 Per Individual
70
180 Months
$30,000.00 Per Individual
$30,000.00 Per Disability
70
180 Months
$800.00 Per Loan
$55,000.00 Per Individual
$55,000.00 Per Individual
70
180 Months
$30,000.00 Per Individual
$30,000.00 Per Disability
70
180 Months
180 Months Closed-End
$1,000.00 Per Loan
$55,000.00 Per Individual
$55,000.00 Per Individual
70
180 Months
180 Months Closed-End
$30,000.00 Per Individual
$30,000.00 Per Disability
70
120 Months
120 Months Closed-End
$800.00 Per Loan
$55,000.00 Per Individual
$55,000.00 Per Individual
70
120 Months
120 Months Closed-End
For questions on your product information sheets, contact 1-800-356-2644 ext. 2000
CUNA Mutual Group Proprietary and Confidential
Further Reproduction, Adaptation or Distribution Prohibited
© CUNA Mutual Group, 2010 All Rights Reserved
Page 2
Example
Credit
Union
SeaComm
Federal
Credit Union
012-4567-9
031-1450-8
MEMBER’S CHOICE® Payment Protection Information Sheet
Who is eligible?
Include All Open-End
Exclude Home Equity:
Level Rate
Eligibility Age
Working
Requirement
Health Questions
Include Home Equity:
Level Rate
Eligibility Age
Working
Requirement
Health Questions
Level Rate
Eligibility Age
Working
Requirement
Health Questions
Include Consumer Loans
Exclude Mortgage/Real
Estate:
Single Premium
Eligibility Age
Working
Requirement
Health Questions
DISABILITY
LIFE
Under age 70 Years on the loan expiration date
You are Actively at Work a minimum of 20 Hours
Per Week on the Loan Advance Date
Health question is required on all loans.
Under age 70 Years on the loan expiration date
Under age 70 Years on the loan expiration date
You are Actively at Work a minimum of 20 Hours
Per Week on the Loan Advance Date
Health question is required on all loans.
Under age 70 Years on the loan expiration date
You are Actively at Work a minimum of 20 Hours
Per Week on the Loan Advance Date
Health question is required on all loans.
Under age 70 Years on the loan expiration date
You are Actively at Work a minimum of 20 Hours
Per Week on the Loan Advance Date
Health question is required on all loans.
Health question is required on all loans.
Under age 70 Years on the loan expiration date
Health question is required on all loans.
Under age 70 Years on the loan expiration date
Health question is required on all loans.
Under age 70 Years on the loan expiration date
Health question is required on all loans.
Closed-End Loans that exceed the Loan Duration Maximum are not eligible for coverage.
As of
10/13/2010
For questions on your product information sheets, contact 1-800-356-2644 ext. 2000
CUNA Mutual Group Proprietary and Confidential
Further Reproduction, Adaptation or Distribution Prohibited
© CUNA Mutual Group, 2010 All Rights Reserved
Page 3
Example
Credit
Union
SeaComm
Federal
Credit Union
012-4567-9
031-1450-8
MEMBER’S CHOICE® Payment Protection Information Sheet
How much does it cost?
Include All Open-End
Exclude Home Equity:
Level Rate
Single Rate
Joint Rate
Include Home Equity:
Level Rate
Single Rate
Joint Rate
Level Rate
Single Rate
Joint Rate
Include Consumer Loans
Exclude Mortgage/Real
Estate:
Single Premium
Single Rate
Joint Rate
DISABILITY
LIFE
$3.58 Per $1000 Per Month
$0.55 Per $1000 Per Month
$0.88 Per $1000 Per Month
$3.58 Per $1000 Per Month
$0.55 Per $1000 Per Month
$0.88 Per $1000 Per Month
$1.26 Per $1000 Per Month
$0.54 Per $1000 Per Month
$0.86 Per $1000 Per Month
Based on Calculation
$0.40 Per $1000 Per Month
$0.64 Per $1000 Per Month
All insured members pay the same low rate regardless of their sex, health, occupation or participation in risky recreational activities, or
age (unless your credit union has elected age rated credit life).
As of
10/13/2010
For questions on your product information sheets, contact 1-800-356-2644 ext. 2000
CUNA Mutual Group Proprietary and Confidential
Further Reproduction, Adaptation or Distribution Prohibited
© CUNA Mutual Group, 2010 All Rights Reserved
Page 4
Example
Credit
Union
SeaComm
Federal
Credit Union
012-4567-9
031-1450-8
MEMBER’S CHOICE® Payment Protection Information Sheet
What are the exclusions?
MEMBER’S CHOICE Disability makes a member’s loan payments, up to the ‘maximum coverage limits’, should they become
totally disabled due to sickness or injury while insured, except as described under the following exclusions section.
MEMBER’S CHOICE Life pays off or reduces the member’s outstanding loan balance up to the ‘coverage limit’ if the member dies
while insured, except as described under the following exclusions section.
Refer to the Certificate of Insurance for details of your coverage.
Include All Open-End
Exclude Home Equity:
Level Rate
DISABILITY
LIFE
Intentional Injury
Pre-Existing Condition
The Pre-Existing Condition Exclusion applies
when the disability occurs within 6 Months after
the Loan Advance Date and is related to a
Pre-Existing Condition for which the member
received treatment during the 6 Months prior to
the Loan Advance Date
Suicide
The Suicide Exclusion applies 12 Months after
the Insurance Enrollment Date
Include Home Equity:
Level Rate
Level Rate
Intentional Injury
Pre-Existing Condition
The Pre-Existing Condition Exclusion applies
when the disability occurs within 6 Months after
the Loan Advance Date and is related to a
Pre-Existing Condition for which the member
received treatment during the 6 Months prior to
the Loan Advance Date
Intentional Injury
Pre-Existing Condition
The Pre-Existing Condition Exclusion applies
when the disability occurs within 6 Months after
the Loan Advance Date and is related to a
Pre-Existing Condition for which the member
received treatment during the 6 Months prior to
the Loan Advance Date
Suicide
The Suicide Exclusion applies 12 Months after
the Insurance Enrollment Date
Suicide
The Suicide Exclusion applies 12 Months after
the Insurance Enrollment Date
As of
10/13/2010
For questions on your product information sheets, contact 1-800-356-2644 ext. 2000
CUNA Mutual Group Proprietary and Confidential
Further Reproduction, Adaptation or Distribution Prohibited
© CUNA Mutual Group, 2010 All Rights Reserved
Page 5
Example
Credit
Union
SeaComm
Federal
Credit Union
012-4567-9
031-1450-8
MEMBER’S CHOICE® Payment Protection Information Sheet
Include Consumer Loans
Exclude Mortgage/Real
Estate:
Single Premium
Intentional Injury
Pre-Existing Condition
The Pre-Existing Condition Exclusion applies
when the disability occurs within 6 Months after
the Loan Advance Date and is related to a
Pre-Existing Condition for which the member
received treatment during the 6 Months prior to
the Loan Advance Date
Suicide
The Suicide Exclusion applies 12 Months after
the Insurance Enrollment Date
As of
10/13/2010
For questions on your product information sheets, contact 1-800-356-2644 ext. 2000
CUNA Mutual Group Proprietary and Confidential
Further Reproduction, Adaptation or Distribution Prohibited
© CUNA Mutual Group, 2010 All Rights Reserved
Page 6
Example
Credit
Union
SeaComm
Federal
Credit Union
012-4567-9
031-1450-8
MEMBER’S CHOICE® Payment Protection Information Sheet
Explanation of coverage
This Applies to All Disability Coverage
The Definition of Total Disability
Disability benefits start once the waiting period has been completed.
Unable to perform the main duties of any occupation for substantially equal compensation
Recurring Disability
If the same disability reoccurs within 90 Days, it's not considered a new period of disability.
When does coverage terminate?
•
LEVEL RATE/MONTHLY RENEWABLE: (1) On the first billing date after the credit union receives the member’s request to
stop the insurance or to stop paying premium charges; (2) On the first billing date after the member reaches the termination age
maximum; (3) On the date the member’s loan stops; (4) On the billing date on which the member is 3 months delinquent in any
payment of his loan; or (5) On the date the Policy stops.
•
SINGLE PREMIUM: The insurance stops on the scheduled expiration date or when the member’s loan is paid off, renewed,
refinanced, or otherwise stops, whichever happens first. If the member’s insurance stops before the scheduled expiration date,
a refund or a credit of unearned premium will be given to the member.
What happens when a member cancels?
If a covered member cancels insurance within the first 30 days from the delivery of their certificate of insurance, their premium will
be refunded in full. If the covered member cancels at any time thereafter, any unearned premium will be refunded in accordance
with applicable law.
Need to file a claim?
Claims filing can be handled either by paper or electronically. To use the paper method, call 1-800-621-6323 to speak with a claims
representative or to use CUNA Mutual’s IVR, Interactive Voice Response System. To file electronically go to Claims Online at
CUNA Mutual’s web site www.cunamutual.com.
Ethics Statement and Marketing Practices
In the process of offering credit insurance to the member, be sure the member understands:
•
•
•
•
coverage is voluntary and they should purchase it to fill gaps in their existing insurance coverage;
they can buy either disability or life insurance products separately or together (if the credit union offers both);
where to find their certificate and where to find the information on how to file a claim;
they have a 30-day free look during which time they can cancel coverage and receive a full refund of premium;
CMFG Life Insurance Company and your credit union expect you to strive to understand members’ needs, to uphold a
standard of integrity that will reflect well on the credit union, and to know and understand this insurance coverage so
you can answer members’ questions openly and honestly.
As of
10/13/2010
For questions on your product information sheets, contact 1-800-356-2644 ext. 2000
CUNA Mutual Group Proprietary and Confidential
Further Reproduction, Adaptation or Distribution Prohibited
© CUNA Mutual Group, 2010 All Rights Reserved
Page 7