LOAN PROTECTION
Protect your family against the unexpected.
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Life can be wonderful. But it can also get complicated when unexpected things happen. Protecting your loan balance or loan payments against death, disability, or involuntary unemployment could help protect your finances. This protection could cancel your loan balance or payments up to the contract minimum. |
Life Plus adds protection for life events such as accidental dismemberment, terminal illness, hospitalization, family medical leave, and the loss of life of a non-protected dependent. Protect your loan balance or loan payments today so your family can worry a little bit less about tomorrow. Purchasing protection is voluntary and won't affect your loan approval. It's simple to apply. |
IN THE EVENT OF... |
Death |
Disability |
Involuntary Unemployment |
WHAT HAPPENS... |
• Protected borrower passes away. |
• A covered disability occurs due to injury or illness. |
• A covered job loss occurs. |
IT CANCELS THIS... up to the contract maximums |
• Your payments or loan balance. |
• Your loan payments. |
• Your loan payments. |
YOU MAY BE ELIGIBLE IF YOU... |
• Have an eligible loan. |
• Are a permanent employee who is actively working.* |
• Are a permanent employee who is actively working.* |
Ask your loan officer to protect what matters most to you.
*Refer to the member agreement for a full explanation of terms and conditions.
*Refer to the member agreement for a full explanation of terms and conditions.
Your purchase of Debt Protection with Life Plus is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply.
Please contact your loan representative or refer to the Member Agreement for a full explanation of the terms of Debt Protection with Life Plus. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid.
Please contact your loan representative or refer to the Member Agreement for a full explanation of the terms of Debt Protection with Life Plus. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid.
GAP
Essential protection for your vehicle loan – and your finances
Vehicle Loan protection for what your auto insurance may not cover for a wrecked vehicle.
That’s where Guaranteed Asset Protection (GAP) comes in.
If your vehicle is deemed a total loss due to an accident or stolen, there can be a significant gap between what you owe on your loan and what your auto insurance will cover. GAP may reduce or even eliminate that shortfall in the event your vehicle is deemed a total loss.
Guaranteed Asset Protection (GAP)
If the unexpected happens to your vehicle, you could lose more than just its value - you could lose your vehicle investment. If you get an accident where your car is totaled, and let's say you owe $10,000 and your car is worth $8,000, you could be paying the $2,000 difference out-of-pocket! With HFCU's GAP, you can bridge the "gap" between the amount you owe and the amount your auto insurance company pays.
WHAT IS GAP COVERAGE?
Guaranteed Asset Protection (GAP) coverage is a voluntary program offered as protection on a new, used, or refinanced car, truck, SUV, motorcycle, RV, or boat. If your vehicle is stolen or declared totaled, your auto insurance company will only pay you the actual cash value of the vehicle at the time it was totaled and you are left to pay the difference. That's where GAP kicks in and pays the difference, or "gap", that you still owe on your loan.
GAP Waiver Protection
GAP Waiver provides supplemental protection to a borrower’s primary insurance and is designed to help borrowers avoid financial loss in the event of total loss or unrecovered theft. The difference between the loan net payoff amount and the actual cash value (ACV) paid by the primary insurance settlement produces a deficiency balance or “gap.” This remaining loan balance is covered (or waived) with GAP protection.
Additional benefits of HFCU GAP:
That’s where Guaranteed Asset Protection (GAP) comes in.
If your vehicle is deemed a total loss due to an accident or stolen, there can be a significant gap between what you owe on your loan and what your auto insurance will cover. GAP may reduce or even eliminate that shortfall in the event your vehicle is deemed a total loss.
Guaranteed Asset Protection (GAP)
If the unexpected happens to your vehicle, you could lose more than just its value - you could lose your vehicle investment. If you get an accident where your car is totaled, and let's say you owe $10,000 and your car is worth $8,000, you could be paying the $2,000 difference out-of-pocket! With HFCU's GAP, you can bridge the "gap" between the amount you owe and the amount your auto insurance company pays.
WHAT IS GAP COVERAGE?
Guaranteed Asset Protection (GAP) coverage is a voluntary program offered as protection on a new, used, or refinanced car, truck, SUV, motorcycle, RV, or boat. If your vehicle is stolen or declared totaled, your auto insurance company will only pay you the actual cash value of the vehicle at the time it was totaled and you are left to pay the difference. That's where GAP kicks in and pays the difference, or "gap", that you still owe on your loan.
GAP Waiver Protection
GAP Waiver provides supplemental protection to a borrower’s primary insurance and is designed to help borrowers avoid financial loss in the event of total loss or unrecovered theft. The difference between the loan net payoff amount and the actual cash value (ACV) paid by the primary insurance settlement produces a deficiency balance or “gap.” This remaining loan balance is covered (or waived) with GAP protection.
Additional benefits of HFCU GAP:
- Reduces the risk of negative equity
- Terms up to 84 months
- Additional benefit of $1,000 towards your next vehicle if financed with HFCU within 90 days of the GAP claim
- One time cost – can be added to the loan at anytime
- Pays your deductible up to $1,000 on your behalf towards your remaining loan balance
