Eglin Federal Credit Union
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Debt & Asset Protection

Debt Protection

Optional Guaranteed
Asset Protection (GAP)




Insurance

Deposit Insurance
(NCUA Guaranteed)


Insurance Requirements
for Collateral Loans


TruStageTM Auto
Insurance Program


TruStageTM Accidental
Death and Dismemberment


TruStageTM Life
Insurance Plans


 
Debt & Asset Protection

Eglin FCU Debt Protection is a voluntary loan protection product that will cancel or waive your loan payment(s), up to the contract maximums if a protected event such as disability, loss of life, or involuntary unemployment occurs. Eglin FCU Debt Protection may be added to your existing loan(s) at any time.

To Purchase Eglin FCU Debt Protection Call 850.862.0111 or 800.367.6159 x.1751.

Availability – Eglin FCU Debt Protection is available for Auto, Recreational Vehicle, Boat, Personal Watercraft, Signature, Line-of-Credit loans and EFCU Mastercard. Not available on SAFE or home secured loans.

Debt Protection Options Price per $100 of loan balance
Consumer Loans Single Joint
Life, Disability & Involuntary Unemployment .314 .512
Life & Disability .224 .379
Life .124 .229
Mastercard  
Life, Disability & Involuntary Unemployment .284  

How can Eglin FCU Debt Protection Help?

Life – Give your loved ones time to get back on their feet financially in the event of your death by cancelling the loan balance as of the date of death. (Maximum benefit up to $100,000)

Disability – Help avoid bills piling up as you regain your health and earning capacity. Use this benefit as a supplement to any disability coverage you may receive from your employer. Cancels up to 36 monthly payments with a maximum aggregate benefit of $36,000 per period of disability with a 30 day elimination period.

Involuntary Unemployment – Ensure that your loan payment is taken care of as you search for new employment. Borrower must be actively at work 25 hours per week at time of Involuntary Unemployment. Borrower must qualify for and be receiving state unemployment benefits. Cancels up to six months of payments up to a total of $3000 with a 30 day elimination period.

Additional information will be provided before you agree, sign and pay for Eglin FCU Debt Protection.

Your purchase of Eglin FCU Debt Protection is optional and will not affect your application for credit. Certain eligibility requirements, conditions and exclusions may apply. Please see Eglin FCU Debt Protection Member Contract/Agreement for a full explanation of the terms. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid.

DP-955324.1-0614-0816




Optional Guaranteed Asset Protection (GAP)

With the rising cost of vehicles, fast depreciation and longer vehicle loan terms, GAP may be a smart option to add. Negative equity occurs when you owe more than what your collateral is worth. In the event your vehicle is stolen or totaled GAP can help fill the gap between what your vehicle insurance will pay and what you owe on your loan. GAP helps you prepare for the unexpected.

Your purchase of MEMBER’S CHOICETM Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid.

GAP-1375207.1-1215-0118


   
NCUA  We do business in Accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.


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