GA Power NE Credit Union offers its members Payment Protection credit life and credit disability insurance through CUNA Mutual Group. This coverage includes the following features:

• Credit Disability makes a member's payment to the credit union, should they become disabled due to sickness. The premium is paid by the member and insures only one borrower or the co-borrower. After a 30-day waiting period, benefits are payable from the 31st day of disability forward.
  
• Credit Life pays off the member's outstanding loan balance if the member dies during the term of the loan.
  
• Statement of Insurability: If an eligible member requests insurance within 30 days after the loan advance, they will be eligible for coverage if they provide a satisfactory Statement of Insurability to CUNA Mutual.
  
• Expiration of Insurance: On the date of death; on the date the loan is transferred to another creditor; on the date the loan stops; on the last day of the month the credit union is notified by the member to terminate insurance; when the member reaches the maximum age; on the last day of the month in which the loan is three months past due; When the balance of the loan is paid by a lump sum disability benefit under a credit life insurance policy; on the date there has been a zero balance in the members open end account for one year.
• Six Month Pre-Existing Condition: This provision pertains only to the conditions for which the member received medical advise (Disability), diagnosis or treatment (Disability 7 Life) during the 6 months prior to the effective date of insurance on an advance on a loan. Benefit will not be paid for these conditions if they occur during the 6 months following the coverage effective date of insurance on an advance.

Features and prices of Payment Protection are summarized below:

Credit Disability PLAN TYPE 30 Day Non-Retro Max. Coverage Per Loan $30,000 Maximum Term 120 months Maximum Monthly Benefit $600 Rate $1.60/$1,000 ELIGIBILITY Age Requirement Max 66 Working Requirement 25 hours/week EXCLUSIONS Normal Pregnancy, 6 month Pre Existing Condition

Credit Life PREMIUM METHOD Level Rate Max. Coverage Per Loan $30,000 Maximum Term 120 months Rates Single: $0.70/$1,000 Joint: $1.05/$1,000 ELIGIBILITY Age Requirement Max 71 Working Requirement 25 hours/week EXCLUSIONS 12 month Suicide Clause

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Payment Protection: Concerns and Benefits

     If you're like most people, you've probably heard comments against buying credit life or disability insurance. But take a closer look. Here are some reasons people think they don't need credit life and disability insurance, along with explanations of the real benefits of this coverage.

Concern	Benefits/Features
I have other coverage.	Payment Protection will specifically cover your credit union loan payment. That's one less worry for you. The coverage you have now may pay only 2/3 of your present salary if you are unable to work due to an illness or an accident. Payment Protection is designed for your loan, while other coverages are intended for other obligations you have. It's very easy to enroll. There's no physical exam and the cost is minimal.
I'm healthy. I don't need disability insurance.	Accidents, not poor health, are the leading cause of disabilities. Payment Protection is designed for careful people like you. We can't control the actions of others, and those actions may cause you to become disabled no matter how careful you are. Did you know that an "accident happens every 4 seconds and someone dies every 6 minutes due to an accident"? (National Safety Council)
It's too expensive.	You can't afford not to have this protection. As your loan balance decreases, so will the monthly premium. An average disability lasts six months. Compare the benefits of six monthly disability payments with the total cost of Payment Protection. The benefits far outweigh the premiums paid. You're free to cancel at any time.
We don't need insurance. We have a dual income.	What if something happens to you and your spouse at the same time? Would you be able to meet your day-to-day expenses if one of your incomes should happen to stop or be seriously reduced?
I'm just not interested.	Please think about this... This coverage will help protect your collateral and your credit rating. Should you become ill or have an accident, Payment Protection will take care of making your loan payments while your are out of work. You can concentrate on getting well, and not not worry how your loan payment will be made. Payment Protection will provide you with financial security and give you peace of mind knowing your payments are being taken care of.