The Credit Union makes available credit life insurance coverage to pay on the borrower's outstanding loan balance, should the member die prior to the loan being paid off. This plan is a "member pay" option only.

Credit life insurance makes a lump sum payment on an insured loan up to $50,000. Coverage can be either single (borrower only) or joint (borrower and co-borrower).

The member decides whether or not coverage is desired at the time a loan is made. The payment is increased to cover the premiums which are added to the loan on the last day of each month. The rate for single life is 8 cents per $100 of the outstanding loan balance at month-end, and the rate for joint life is 12.5 cents per $100 of the outstanding loan balance at month-end. The payment is increased slightly to cover the expense.

Coverage is only in effect as long and the insured is below age 70 and the loan is not delinquent beyond 90 days.