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Personal Loans

Credit Insurance

Credit insurance protects you from the unexpected. It ensures that your underlying debt gets repaid and your financial future is secure no matter what happens.

Altura’s Credit Insurance Options

Protecting Your Financial Future

With credit insurance from Altura Credit Union, you can have peace of mind. No matter how your life may change, your loans will be repaid. Situations like unemployment or disabilities are never planned. They always come with many challenges, and sometimes they can even send you and your family into a dire financial situation. But if you have credit insurance, repaying your loans won’t be something you have to worry about during these times of hardship.

You can choose to have these insurance premiums added onto your loan payments for your convenience. Credit insurance provides extra protection for all your major purchases and payments. Altura offers several insurance options for your loans. Choose the one that’s best for you!

 

Debt Cancellation

With this policy, your credit record is protected if you become unemployed or disabled. Your credit is preserved even in the event of an untimely death. The insurance will continue to make your monthly loan payments up to the maximum your chosen policy provides.

 

Mechanical Breakdown Insurance (MBI)

This program is for auto loans. With MBI, you can insure your new or used vehicle against mechanical failure. This policy protects you against high repair bills and always allows you to choose your mechanic.

 

GAP Insurance (Guaranteed Asset Protection)

This another form of insurance for auto loans. With GAP insurance, you’re protected against financial loss if your vehicle is totaled or stolen. GAP will pay the difference between your loan balance and the amount your insurance company will cover. You can add GAP to your vehicle up to one year after the effective date of your Altura auto loan.

 

Get Started with Credit Insurance Today

For more information on credit insurance, visit your local Altura branch or call Member Services at 1-888-883-7228.

FAQ's

What Insurance Will Pay My Debt if I Lose a Job?

If you lose some or all of your income, credit insurance can make sure your debts still get paid.

Credit insurance will kick in if you become unemployed or disabled.

What are the Main Types of Credit Insurance?

The five main types of credit insurance are:

  • Credit life insurance—pays your credit card debt in the event of your death
  • Credit unemployment insurance—pays off your debt if you unexpectedly lose your job
  • Credit disability insurance—pays off your debt if you become disabled
  • Credit property insurance—protects the property you have as collateral on a loan, in case the property is stolen or destroyed
  • Trade credit insurance (for businesses)—protects businesses from customers who cannot pay their debts

Do I Need Credit Insurance?

Credit insurance can give many people peace of mind, but it can be an unnecessary expense for others. You should evaluate the different types of insurance you have and see if there’s anything additional that credit insurance can do for you.

Credit insurance is especially helpful if you’re self-employed. Because you are your own employer, you won’t necessarily have options like disability insurance. Credit insurance can provide the help you need!

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