HALLCO Community Federal Credit Union offers its members two types of Payment Protection.

Credit life insurance is designed to pay off the insured balance on your loan if you die.

Credit disability insurance is designed to pay your loan payments (up to the contract limit) if you become ill or disabled and are unable to work.

Benefits of Payment Protection:

• Protects your family's financial security. Payment Protection protects your credit rating by ensuring your loan will not end up in default in the event of your disability or death. This reduces the financial burden on your family.
• Affordable. Payment Protection rates are established by each state and generally result in reasonable, monthly premiums. Rates vary from state to state and the actual cost of your particular coverage depends on where you live, your loan amount and the coverage selected. Please contact us for specific rate information.
• Convenient. Application is easy and usually done at time of loan application. And, your monthly premium is included with your monthly loan payment.
• Simplified eligibility. You can usually obtain Payment Protection up to the age of 65 and even up to 70 in some states. Also, a medical exam is required, although, general health questions may ba asked.

Most members are eligible to apply for credit life and credit disability insurance. Coverage is available for single or joint borrowers, at affordable rates, and premiums are automatically added to your loan payments.

Protect yourself and your family from the burden that could result if you die or become disabled. Payment Protection offers the peace of mind that comes from knowing your financial obligations will be met.

Please contact us for details on Payment Protection credit life and credit disability insurance.