ATTENTION: Due to Juneteenth National Independence Day, WCTFCU offices will be CLOSED Wednesday, June 19, 2024.

Insurances: Life/Disability/GAP

Credit Disability and Credit Life Insurance

MEMBER’S CHOICE™ Credit Life Insurance is voluntary insurance that you can elect when making a new loan or refinancing a loan.  The insurance provides protection on your loan up to $30,000 in case of the member's death before payoff.  You can choose to insure each of your loans and you can also select single or joint coverage.

MEMBER’S CHOICE™ Credit Disability Insurance is also voluntary insurance that you can elect when making a new loan or refinancing a loan.  This insurance will cover your loan payments up to the policy maximum if you become totally disabled by sickness or accident. 

Rates for each insurance can be quoted when you take out your loan; the premiums will be included in your loan payments.

Applicable Maximums for Credit Life and Disability Insurances
  Life Disability
Maximum Monthly Disability Benefit N/A $600.00
Total Benefit Maximum $30,000.00 $30,000.00
Maximum Issue Age 70 66
Termination Age 70 66
Maximum Eligible Loan Term* (in months) 120 120
Maximum Term of Insurance* (in months) 120 120
*Closed-End Only

Guaranteed Asset Protection (GAP) Insurance

GAP is low-cost coverage that pays the difference between your insurer’s settlement and your loan balance if your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared a total loss. The GAP premium can be rolled into loan payments. Rates can be quoted at the time of application.  In the event of a loss, our GAP Insurance will cancel $1,000 of your next loan with us when you purchase a replacement vehicle within 60 days of your primary insurance settlement.