Loan Insurance

With Member’s Choice disability and term life protection, you’ll find comfort in knowing that an emotional tragedy or medical crisis doesn’t have to become a financial one. Take a look at the features of these two types of payment protection:

• Member’s Choice disability makes your monthly loan payment should you become disabled due to a covered illness or injury. Payments continue until you return to work, the loan is repaid, or you reach the policy maximum.
• Member’s Choice term life reduces or pays off your eligible loan balance should you die before paying off your loan.

Keep in mind that workers’ compensation, Social Security and employer-provided insurance don’t always provide the help that you and your loved ones need to maintain your current standard of living. If you had to draw on your savings to pay off your loan debt, your dreams for the future could be at stake.

Member’s Choice disability and term life are important supplements to your current financial protection plan. This protection frees your family’s income for living expenses- helping maintain the quality of life you’ve worked so hard for. Member’s choice disability and term life also protect your loan collateral and credit rating.

Since the coverage is available right at your credit union, there are no insurance agents to contact. The protection begins the moment the loan does.

Benefits include:

• automatic eligibility for most borrowers
• simple enrollment
• no medical screening
• immediate coverage
• premium included in your payment

Click here for a quote on payment protection

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Easy Street

This is the best coverage available and is commonly referred to as factory type coverage, the same coverage you get when you purchase a new automobile. Components covered include:

Because we cover so many components, it is easier to list the small number of part that are not covered: oil, brake shoes, belts, hoses, tires, tune-up items, filters, a/c coolants, exhaust and emission parts, sound reproduction, cosmetic and body parts, glass and paint. Our contract includes the complete listing.

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Main Street

This is our deluxe coverage that includes the following:

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First Street

This option can be described as our Drivetrain Coverage and includes:

Included with any of the coverage options above is the Total Loss Refund policy, that in the event your car is declared a total loss by the insurance company, you will be refunded the entire original premium of your service agreement.

Now you can protect your vehicle investment with Guaranteed Asset Protection (GAP). GAP is a non-insurance product that covers the “gap” between the vehicle’s value and the amount you still owe, in the event of an accident and your car is totaled. Essentially, GAP protects you and your entire investment from a substantial loss.

The GAP Advantage:

The following is a typical example of how GAP Advantage comes through for you:

Original purchase price	$25,000
Loan balance after one year	$20,000
Insurance settlement covering vehicle’s current value	$16,000

Your lost investment without GAP:

Your remaining unpaid loan balance (the gap)	$4,000 (including your deductible, up to $1,000)

With GAP:

GAP waives the difference	$4,000
GAP Advantage also provides you with the following toward the purchase of your next vehicle if financed at Highmark	$1,000
Total GAP Advantage	$5,000

The GAP Advantage keeps you in the driver’s seat. The GAP advantage is an optional benefit that gives you further peace of mind. If the vehicle you are now purchasing ever becomes “totaled,” or is stolen and not recovered, GAP Advantage provides you with an additional $1,000 toward the purchase of a replacement vehicle when your replacement auto is financed at Highmark Federal Credit Union. Not only will you receive the difference between the value of your vehicle and its unpaid loan or lease balance, you also get a head start on financing or leasing a new or used replacement vehicle.