Share Insurance
Loan Insurance
Personal Insurance
- Individual members' funds are federally and privately insured up to $500,000
and couples up to $1,500,000. Depending on various factors, such as how the
accounts are established, the types of accounts and beneficiaries, etc., members
may be insured for even more.
- As a member of an insured credit union, you do not pay directly for your
share insurance protection. It is provided for you by Service Plus CU and
the federal government.
- Not one penny of insured savings has ever been lost by a member of a federally
insured credit union.
NCUA Insurance
Your deposits are federally insured for up to $250,000 and backed by the full
faith and credit of the United States Government. Members have peace of mind
knowing that the first $100,000 is always federally insured by the National
Credit Union Administration Share Insurance Fund (NCUASIF). And now until December
31, 2009, your funds are federally insured for an additioanl $150,000. Traditional
and Roth IRAs are insured for an additional $250,000.
American Share Insurance (ASI)
Your funds are insured up to an additional $250,000 by a private insurance company,
American Share Insurance.
For detailed information about your specific share insurance coverage, please
contact the credit union. For more information about the safety and security
of your deposits, click here.
GAP Advantage Insurance
Guaranteed Auto Protection (GAP) Insurance protects you against financial loss in the event your vehicle is damaged beyond repair (totaled) or stolen and never recovered.
As the vehicle's value declines as a result of depreciation, the loan balance can be higher than the actual cash value of the vehicle. Without GAP Advantage coverage, if the vehicle is stolen and not recovered or totaled in an accident, you would be responsible for paying the difference between the insurance settlement and the outstanding loan balance.
With the purchase of GAP Advantage coverage, the deficiency balance is waived. In addition, GAP Advantage provides the member with $1,000 toward the purchase of another vehicle financed through Service Plus CU.
GAP Advantage can be purchased up to one year after the loan is funded. Members
may purchase GAP Advantage for refinanced loans as well. Please email
or call the credit union for the premium cost.
Credit Life and Credit Disability Insurance
If you are under 65 years old, Credit Life and Credit Disability Insurance can protect your financial future. In general terms, this insurance may pay off the current principal of your loan should you become disabled or pass away. It can relieve the burden of debt for your family and loved ones. Please consult the credit union for specific benefits and rates.
MBI - Mechanical Breakdown Insurance
Mechanical Breakdown Insurance, also referred to as an extended warranty, is offered
to our members at considerable savings over auto dealers' prices. Service Plus
CU prices often reflect 30-50% savings for the same coverage. Before you purchase
an extended warranty from the auto dealer, call the credit union. We're sure to
offer you a great deal!
A D & D - Accidental Death and Dismemberment Insurance
Service Plus CU has arranged for $2,000 FREE Accidental Death & Dismemberment
Insurance Protection for each registered member. Service Plus CU pays the premium
for your coverage. You are given the opportunity to purchase additional coverage
at affordable group rates. If you have any questions, please call LifeHelp Insurance
Administrative Services at 800-472-5099.
"Member Select" Dental and Vision Care Plans
Service Plus CU offers Cigna Dental options and Vision Service Plan (VSP) Vision
Care to all members. "Member Select" enrollment kits are available by
calling 888-293-4903. Enrollment kits include all details of the plan options,
rates, enrollment forms and a directory of the Cigna HMO network dental offices.
