cREDIT LIFE & DISABILITY INSURANCE

Credit Life and Credit Disability Insurance are made available by Northwest Financial LLC through our partnership with Minnesota Insurance Co., on installment loans, lines of credit, credit card loans, and certain types of real estate secured loans. Credit Life Insurance is tied to a personal credit union loan and reduces or pays off the insured balance on the loan if the borrower dies. It’s designed to make sure a debt doesn’t become a burden to your family and be an effective way to supplement any other type of life insurance you carry. Joint Credit Life Insurance protects both a borrower and coborrower if both are named on the loan application.

Credit Disability Insurance pays the monthly payment of the loan if a borrower becomes disabled and cannot work. It’s designed to ensure that a borrower doesn’t become overburdened by debt or compromise his/her credit rating due to income loss resulting from disability.

Benefits:

• Credit Life Insurance reduces or pays off the insured loan balance (up to $50,000) in the event of death.
• Credit Disability Insurance makes monthly payments (up to $800) on the insured loan, in the case of disability, until you are able to return to work.
• Protects your individual and/or family’s credit rating by ensuring that your debts are paid in the event of death or disability.
• Convenient. Application is easy and is usually done at the time of loan application. The premium is included in the monthly loan payment for added convenience.
• Affordable. Credit Life and Disability Insurance are economical products designed to protect you and your family from becoming saddled with debt should you become disabled due to accident or illness or in the event of your death.
• Peace of Mind. With Credit Disability Insurance, you don’t need to worry that you won’t be able to afford your loan payments should you become disabled. With Credit Life, you won’t have the worry or guilt that your family will be burdened with debt should you die.

See your NWFCU loan officer or contact Financial LLC for more information.