Loans and Mortgages

Member Protect

Central One Federal Credit Union borrowers can purchase Loss of Life and Disability security protection on their Central One loan accounts.

Loss of Life:

• Protected before age 70 for Loss of Life amount of 100%. Loss of Life amount is the lesser of the protected balance or $50,000.
• Not protected if death occurs the first 6 months following the effective date of protection and is related to a pre-existing condition
• Not protected if it is the result of suicide that occurs within the first 12 months immediately following the effective date of protection
• Not protected if it is due to the commission of a felony
• Not protected if it is caused by or results from an atomic explosion or other release of nuclear energy
• Not protected if it occurs on or after age 70

Disability:

• Protected loan payment for 12 months up to $12,000.
• Not protected if it occurs within the first 6 months following the effective date of protection and is related to a pre-existing condition
• Not protected if it is the result of self-inflicted injury
• Not protected if it is related to a normal pregnancy
• Not protected if it is due to the commission of a felony
• Not protected if it is caused by or results from an atomic explosion or other release of nuclear energy
• Not protected if it occurs on or after age 70

Disability eligibility- Members must be "actively at work" 25 or more hours per week at time of disability, unable to do the duties of their usual occupation, and under the care of a physician. They cannot be earning wages equal to or exceeding 80% of previous wages. A reoccurring disability within one year after returning to work is treated as the same disability.

Accident & Sickness: During the first six months immediately following the effective date of the borrower security protection, protected events resulting from accidents are protected and sickness not resulting from a pre-existing condition. After six months, protected events due to both accident and sickness are covered.