Member Protect
Central One borrowers may qualify for loss of life, disability and unemployment security protection on their Central One loans.
Our Member Protect program provides relief in the event that you lose your job due to no fault of your own, become disabled due to injury or illness, or pass away. This is a voluntary loan-payment protection product that helps you get relief from the financial burden of delinquency, default, or foreclosure if a protected life event unexpectedly happens to you.
Don't leave your family with unmanageable debt. With Life Plus protection, in the event of your death before age 70, we will cancel 100% of your protected balance, up to a maximum of $100,000*. Disability and unemployment protection is also available.
Contact your local branch for additional information, terms and conditions and disclosures.
Loan Type |
Option Name |
Program Fee per $100 of Outstanding Loan Balance |
| Consumer, Home Equity, Credit Card | Life Plus Disability & Unemployment | $0.43 |
| Consumer, Home Equity, Credit Card | Life Plus Disability | $0.33 |
| Consumer, Home Equity, Credit Card | Life Plus | $0.23 |
| Rate valid as of 1/1/2022 and subject to change without notice. Please contact your local branch to learn more. | ||
*Central One Federal Credit Union reserves the right to refuse your purchase of the protection. Protection is voluntary and not required to obtain credit. We will not consider whether or not you elect protection in making a credit decision. You may not qualify for all benefits. Protection is limited to a maximum of $100,000. You will not be charged a Program Fee on any amount greater than this maximum.
Protection for Life Plus protection will be reduced at the end of the month during which You reach Your 70th birthday.
If your death occurs*:
- If your death occurs before age 70, 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 70th birthday, We will cancel 25% of Your Protected Balance as of the date of death, up to a maximum of $25,000.
Other information*:
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Accidental Dismemberment: You must have an injury caused only by external, violent and accidental means and results in the total irrecoverable loss of sight in one or both eyes, the loss 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.
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Terminal Illness: You must have received a certified diagnosis from a licensed physician, other than You or an immediate family member, of a Terminal Illness with a life expectancy of 12 months or less. Payment Activation will begin on the date Your Terminal Illness is certified.
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Hospitalization: You must be admitted to a hospital for at least 48 consecutive hours.
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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 same-sex domestic partner. This protection will not protect You during a leave of absence that occurs while You are a Temporary Employee, an independent contractor, self-employed, or employed by a joint Borrower.
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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 on Your tax return.