What is Loan Protection?
Depending on the package you select, Loan Protection is an agreement between you and Elevations Credit Union that can cancel the principal and interest  portion of your loan payment (not to exceed the agreement maximum) in the event of involuntary unemployment, sickness or injury.  It can also repay the entirety of your loan (not to exceed the agreement maximum) in the event of loss of life. 

What types of Loan Protection do you offer?
We offer the following Loan Protection packages:

• Life
• Disability
• Life and Disability
• Involuntary Unemployment and Disability
• Life, Disability, and Involuntary Unemployment.

There are two types of cancellation associated with these packages:  Balance Cancellation and Payment Cancellation.

What is the difference?
Balance Cancellation pays off a debt (not to exceed agreement maximums) if you die.  Payment Cancellation cancels the principal and interest portions of your loan payment (not to exceed the agreement maximum) if you become disabled or fall victim to other covered events such as Involuntary Unemployment.   The amount cancelled is applied to your loan balance as if a regular payment had been made. 

I have disability coverage at work.  Why would I need this protection in addition to my employer’s disability benefits?
Employer disability benefit packages may only cover a portion of your salary or offer you no protection at all.  It could be a struggle to meet all your financial obligations if you were unable to work due to illness or injury for more than a month.

My spouse works.  Why should I get Loan Protection?
People often become accustomed to the lifestyles afforded by the benefits of having two breadwinners in one household.  You may not be willing or financially able to live on only one salary for three or more months.  If the smaller of the two incomes is the one in tact, you may not be able to meet the basic living expenses of you or your family.

Is Loan Protection expensive?
No.  Fees are based on a group rate and you buy only enough protection to protect your loan balance. Plus, you have a choice of protection packages. That saves you money. The cost of the protection is included in your monthly loan payment. Protection ends when the loan is repaid. 

Do I have to go through any qualifying procedures?
No.  We make it easy.  Enrollment procedures are quick and easy and are part of the loan process.  Eligibility requirements are simple, and in most cases, no medical screenings are required.

If I become ill, injured or involuntarily unemployed and need the protection to make my payments is it a hassle?
No.  Since this is an agreement between you and Elevations Credit Union, you deal directly with Elevations.  You need only supply the necessary documentation and the Loan Protection will begin making your payments.

What is Involuntary Unemployment Protection?
If you involuntarily lose your job and are eligible for unemployment benefits this protection would cancel the principal and interest portions of your loan payment (not to exceed the agreement maximum) up to six months or when you return to work, whichever is shorter.

Can I elect to carry only Involuntary Unemployment Protection on my loan?
No.  At this time Involuntary Unemployment Protection is only offered paired with Disability Protection, or as a complete package of Life, Disability and Unemployment Protection.

Does Elevations Credit Union still offer Credit Life and Disability Insurance?
No.  We are replacing Credit Life and Disability Insurance with Loan Protection. 

I currently have Credit Life and Disability Insurance.  Did it change to Loan Protection?
No. Your Credit Life and Disability insurance benefits will remain the same throughout your loan agreement unless you initiate a change. 

I have Credit Life and Disability Insurance on my current loan can I change it to Loan Protection?
Yes.   It is a simple process.

Would I need to have a medical exam to convert my Credit Life and Disability Insurance to Loan Protection?
No.  You would only need to sign a simple form and Elevations will convert the protection for you.  

I have a loan at another institution.  Can I purchase Loan Protection to cover that debt?
No.  Loan Protection can only protect loans that originated at Elevations Credit Union.  However, we would be happy to see if we could refinance your loan here and include the protection.  You can apply for refinancing online, over the phone or at a branch.