THIS LETTER APPLIES IF YOU HAVE AN EXISTING CONSUMER LOAN
Dear Member:
After careful consideration of all the factors involved, we have found it necessary to revise the Loan Protection Insurance program, which covers the insurable loans of our members at no direct cost to you.
This change does not immediately affect the insurance on loans granted prior to December 1, 2009. All such insurable loans will continue to have coverage until:
1) A loan is refinanced, repaid or otherwise liquidated.
2) An advance is granted on an open-end revolving line of credit, at which time the entire outstanding loan balance is no longer insured.
3) The Loan Protection Policy is cancelled.
All loans granted on or after December 1, 2009 will not be insured under the Loan Protection Policy.
We have taken steps to make quality alternative insurance protection available to you with MEMBER’S CHOICE™ Credit Life and Credit Disability Insurance.
Credit Disability Insurance provides protection on your loan up to a maximum of $600 per month if you become totally and continuously disabled through sickness or accident for more than 30 days, with benefits beginning on the 31st day.
STCU Credit Union is offering an open-enrollment period for Credit Disability from December 1, 2009 through January 31, 2010. During this open-enrollment period, if you are an eligible member, you can elect to cover your existing loan(s) without having to answer health questions.
If you have any questions regarding this change, please contact our credit union office.
Sincerely,
John Klimas
John Klimas
VP Lending
