Same rate is charged to all members in your credit union. Group policies allow your credit union to offer even lower rates. Credit Life and credit disability insurance are appropriate for everyone who wants to make sure their families aren't saddled with extra financial burdens if they die or become disabled. These payment protection coverages provide a valuable safety net if you are uninsured or underinsured. Signing up for payment protection is part of the loan process and, if you qualify, covers you the moment the loan is issued.
Net coverage is best.
Net credit life coverage insures only the loan balance. Gross coverage covers the loan principal and interest, resulting in higher premiums. Credit unions exist to serve their members. They are owned and democratically controlled by members. There are no medical exams required if you elect the insurance at the time you take out your loan.