Loan Protection UPDATES

Life is unpredictable, so it can be intimidating to know you’ll need to be able to make loan payments for a long period of time. Let U of I Community Credit Union help you boost your borrowing confidence and gain peace of mind! Protect your loan with one of our loan protection options.

Payment Plan Protection

How It Works

Your family means everything to you. And if the unexpected happens, you don’t want an emotionally trying situation to be compounded by financial worry. That’s why there’s Debt Protection, which may cancel your loan balance or payments in case of involuntary unemployment, disability, or death.

Eligible Loan Types

All loans are eligible with the exception of Single Pay Note, Resolution Loans, Visas, Mortgage, and those under $100,000 total loan amount, monthly payment amount is under $1,000.

Mechanical Repair Coverage for Vehicles

How It Works

Mechanical Repair Coverage protects you from having to pay out-of-pocket when your vehicle needs mechanical repairs. Your coverage includes services such as roadside assistance, battery replacement, transmission repair, etc. Covered services are based on the level of coverage that is purchased.

Eligibility

This coverage is available to most vehicles, even if you did not finance your vehicle with us. Members have the option to pay for the warranty out of pocket or finance it if approved.

Gap Plus Coverage for Vehicles

How It Works

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. GAP Plus helps you get into your next vehicle by reducing your next loan by $1,000, and can be utilized for deductible reimbursements up to $1000. All of this only costs $617 and can be added to your loan or paid separately out of pocket.

Eligibility

This coverage is available for most vehicles financed with UICCU.  Members have the option to pay for GAP out of pocket or finance it if approved.

Protection when it matters… We are here to help!

In your time of need, our claims process is quick and easy. If you elected payment protection on your loan, you can use this convenient claims process to quickly and easily file your claim for any of the following Payment Protection Products:

• Life
• Terminal Illness
• Accidental Dismemberment
• Hospitalization
• Family Medical Leave
• Loss of Life of a Dependent
• Disability
• Involuntary Unemployment

Click here to fill out a claim form

If you prefer, call 1-800-621-6323 to begin the process and a CUNA Mutual Group Claims Specialist will guide you through the process.

To add a loan protection option to your loan...

Call us at 217-278-7700.

Branch Locations

¹Involuntary Unemployment means that You involuntarily lost Your Active Employment.
To qualify for Involuntary Unemployment protection, You must meet the following requirements at the time of Protection Activation and throughout the protected period: (a) You meet the definition of Involuntary Unemployment for at least 14 consecutive days; (b) You are receiving or have received state unemployment benefits for the period of unemployment for which You are requesting Protection Activation; (c) You are seeking Active Employment, and (d) You provide Us or Our Administrator with proof of qualification for Involuntary Unemployment protection at the time of Protection Activation and throughout the protected period.
NOTE: An award for unemployment benefits from Your state agency does not guarantee cancellation of Your Protected Payment under this Contract.
After You have satisfied the waiting period and beginning with the 1st day of Your Involuntary Unemployment, We will cancel a minimum of scheduled monthly payment(s). Thereafter, We will continue to cancel Your schedule monthly payment for each 30 days, consecutive or non-consecutive, that You are Involuntary Unemployed, up to am maximum of (a) 6 months or (b) $3,000. We will never cancel more than 12 monthly Protected Payments during a 12 month period. The calculation of the 12 month period begins on the date Your benefits begin.

²During the first 12 consecutive months of Disability, Disability means You are unable because of a medically determined Accidental Injury or Sickness, to perform all of the essential functions of Your occupation, and You are under the regular care and treatment of a licensed physician, other than You or a family member. After the first 12 consecutive months of Disability, the definition of Disability changes to mean that You are unable, because of a medically determined Accidental Injury or Sickness, to perform the essential functions required of any occupation for which You are reasonably qualified by training, education or experience. You must be under the regular care and treatment of a licensed physician, other than You or a family member. If You are not employed when Your Disability begins, Disability always means You are unable, because of a medically determined Accidental Injury or Sickness, to perform the essential functions required of any occupation for which You are reasonably qualified by training, education or experience.
To qualify for Disability protection, You must: (a) meet the definition of Disability for at least 14 consecutive days; and (b) not be actively working at any job or combination of jobs paying You an income equal to or exceeding 80% of the income You were earning from Your Active Employment immediately preceding the date You qualified for Disability.
After You have satisfied the waiting period and beginning with the 1st day of Your Disability, We will cancel a minimum of 1 schedule monthly payment(s). Thereafter, We will continue to cancel Your scheduled monthly payment for each 30 days, consecutive or non-consecutive, that You are Disabled, up to a maximum of (a) 46 months or (b) $36,000. We will never cancel more than 12 monthly Protected Payments during a 12 month period. The calculation of the 12 month period begins on the date Your benefits begin.

³We will protect the Loan(s) according to the terms of this Contract if You purchased protection and You pay the applicable Program Fee. Throughout the life of the Loan, You must qualify for protection at the time of Protection Activation. It is Your responsibility to notify Us if Your circumstances change.
If Your death occurs:
– before the end of the month during which You reach Your 70th birthday, We will cancel 100% of Your Protected Balance as of the date of death, up to a maximum of $100,000.
– after the end of the month during which You reach Your 80th birthday, We will cancel 25% of Your Protected Balance as of the date of death, up to a maximum of $25,000.
If two protected Borrowers die, We will cancel the lesser of the Life Plus amount for each protected Borrower or the Protected Balance.
Life Plus protection includes the following Protected Events. To qualify for:
– Accidental Dismemberment: You must have an injury cause only by external, violent and accidental means and results in the total irrecoverable loss of sigh in one or both eyes, the loos of one or both feet by actual severance or amputation at or above the ankle, or the loss of one or both entire hands by actual severance or amputation at or above the wrist. Dismemberment must occur within 90 days of the injury which caused it.
– Terminal Illness: You must have received a certified diagnosis from licensed physician, other than You o ran immediate family member, of a Terminal Illness with a life expectancy of 12 months or less. Protection Activation will begin on the date Your Terminal Illness is certified.
– Hospitalization: You must be admitted to a hospital for at least 48 consecutive hours.
– Family Medical Leave: You, with Your employer’s written approval, take an unpaid leave of absence from Your Active Employment for at least 14 consecutive days to attend to the needs of Your newborn, newly adopted or foster child, or to care for Your spouse, child or parent with a serious health condition (as defined by the Federal Family and Medical leave Act). For purposes of this protection, a spouse includes Your spouse, common law spouse or a legally recognized same0sex domestic partner. This protection will not protect You during a leave of absence that occurs while You are a Temporary Employee, and Independent contractor, self-employed, or employed by a joint Borrower.
– Loss of Life of a Non-Protected Dependent: The death of a non-protected dependent, which in the past 2 years was a dependency exemption of Your tax return.
If you qualify for Protection Activation under Hospitalization, Family Medical Leave, or Loss of Life of a Non-Protected Dependent, We will cancel 3 Protected Payments or up to $3,000, whichever occurs first, one time per a 12 month period beginning with the Protected Event.
If You qualify for Protection Activation under Terminal Illness or Accidental Dismemberment:
– before the end of the month during which You reach Your 70th birthday, We will cancel 100% of Your Protected Balance up to a maximum of $100,000.
– after the end of the month during which You reach Your 80th birthday, We will cancel 25% of Your Protected Balance up to a maximum of $25,000.