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The credit union offers the following types of insurance to you as a benefit of membership or when you apply for them. ACFCU believes in protecting the interest of our members by providing various insurance programs to guard against financial loss.
NCUA Deposit Insurance
Most properly established share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount, which is $100,000. Recent legislation has increased the insurance coverage on certain retirement accounts, such as IRAs and Keoghs, up to $250,000.
There are many ways to qualify for more than basic coverage at one credit union. By structuring your several accounts, the total amount of deposited funds covered by insurance could be as high as $1,900,000. To determine the amount of funds you can have covered, NCUA offers an online calculator. NCUA’s electronic share insurance estimator is an interactive tool, enabling you to calculate your NCUA coverage and is available at http://webapps.ncua.gov/ins
As always, you can contact our staff at 423-378-3778 for assistance in determining how to structure your accounts to take maximum advantage of deposit insurance coverage.
Protect yourself and your family with Debt Protection; Real Protection for Real-Life Events.
If you are like most people, you may be worried about unexpected, real-life events that could happen during the term of your loan. Things such as losing your job or being injured that may leave you scrambling to pay your monthly bills.
Appalachian Community Federal Credit Union offers Debt Protection, which can relieve the pressure of your loan payments during certain unexpected events.
Debt Protection protects you, your family and your credit rating. You have the peace of mind knowing your monthly loan payments will be cancelled in the event of involuntary unemployment, disability or death.
Here is how Debt Protection works. Your loan payment will be cancelled without penalty, added interest, or being reported as delinquent to the credit bureau when one of he following covered events occur:
Involuntary Unemployment – gives you assurance during a difficult time that one of your major monthly expenses will be taken care of as you search for new employment.
Disability – helps you avoid bills piling up as you try to regain your health and earning capacity. Use as a supplement to any disability coverage you may have at work.
Death – gives your family time to get back on its feet financially.
You decide which types of coverage make sense for you. Consult with one of our loan representatives to discuss our Debt Protection program in more detail.
Term Life Insurance
ACFCU members and their spouses are eligible to apply for coverage under a Group Term Life Insurance Plan developed by American United Life Insurance Company. This group plan represents a simple and affordable way to strengthen your insurance portfolio. In addition, term life insurance provides the practical straightforward coverage many experts recommend in order to plan for an unexpected loss of life. Click on the link below to learn more about our Term Life insurance plan.
Protect Your Vehicle Investment, Not Just Its Value.
You could lose more than your vehicle if it is stolen or involved in a major accident. You could lose your investment. Because most insurance policies only cover the value of your vehicle – something that rapidly declines during the first few years of ownership – your loan or lease balance could be higher than the value of your vehicle.
GAP Insurance (Guaranteed Asset Protection) protects you for the difference between what your vehicle is worth and the pay-off amount (up to the limits of the coverage you purchase) of your loan in the event your vehicle is damaged beyond repair or stolen. We could all use a little more peace of mind! Click on the banner to get an immediate quote for peace of mind on your vehicle
A Typical Example:
Let us say after one year, the vehicle you purchased for $25,000 is valued at just $16,000. You still owe $20,000 when it is stolen and never recovered or is involved in an accident in which it is damaged beyond repair. Most insurance policies will only reimburse you for the value of your vehicle, $16,000, leaving you to repay the remaining loan balance of $4,000. GAP provides for the wavier of that $4,000 for you, including your insurance policy deductible, up to $1,000.
Think about GAP protection for your peace of mind. Click on the link to get an immediate quote for coverage on your vehicle loan today!
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