Member's Choice coverage is not traditional individual life and disability insurance. Instead, it specifically insures your eligible loan, providing coverage that reduces or pays off your covered outstanding loan balance if you die or become disabled.

In short, this coverage protects your loan collateral, your credit rating, your lifestyle, and your family from the repercussions of an unpaid debt.

Member's Choice payment protection offers you two plans: term life insurance and disability insurance. The difference? Term life reduces or pays off your eligible loan should you die before completing repayment. Disability coverage makes your monthly payment on an eligible loan should you become disabled. Payments continue until you return to work, the loan is repaid, or you reach the policy maximum.

As your family's breadwinner, your death or disability could have a dramatic effect on your family's financial stability. Many foreclosures occur during a disability. That's because only 20% of Americans have long-term disability coverage and the average employer's disability insurance pays only 65% of an employee's income (HIAA Guide to Disability Insurance, 1999).

While Member's Choice coverage can't make up a difference in salary, it will make your loan payments. And that will help make your money go further and cover more of your everyday expenses. It will also do wonders to protect your collateral and credit rating.

Only you can judge if you need payment protection security. The following guidelines can help you decide:

Determine how much life insurance you already own. Many experts recommend carrying enough life coverage to equal five to seven times annual salary. If you receive disability insurance through your employer's benefits package, find out the percentage of total income it pays and whether the proceeds are taxed. Remember, most plans pay only 60% to 70% of regular salary. Then determine if less take-home pay would still meet living expenses and other financial obligations.

If your current coverages don't measure up, Member's Choice insurance may be a valuable addition to your financial plan. It's economical peace of mind for both you and your family.

Contact us for more information on Member's Choice.
* The information contained on this page is general and intended as a guide to coverage. Coverage varies. In general, Member's Choice term life insurance doesn't cover suicide within 12 months of enrollment. Disability coverage does not cover lost time due to pregnancy. Also, benefits may be limited for six to 12 months for pre-existing conditions. Contact us for more details.