Insurance

Member Pay Loan Insurance, Gap Insurance and Mechanical Repair Insurance is available through the credit union at very affordable prices.

Member Pay Loan Insurance: Credit Life Insurance and Total Disability Insurance is available for your loan protection. Both types of insurance are optional and are paid by charging a monthly premium to your outstanding loan balance.
-- The Credit Life Insurance will pay off the balance of your loan, to a maximum of $30,000.00 in the event of your death. The Total Disability Insurance program will make your loan payment after you have been off work for 14 days due to disability. The maximum monthly payment is $750.00.

Gap Insurance: Covers any deficiency plus the deductible in the event your vehicle is declared a total loss or stolen. It also gives you $1000 towards the purchase of a new vehicle if the vehicle is financed through the credit union. This coverage is available on automobiles, motorcycles, ATV’s and jet skis.

Mechanical Repair: Protect yourself against costly automobile repairs by purchasing Mechanical Repair coverage through the credit union. It covers repairs at any licensed repair facility in the United States and Canada. It includes roadside assistance, rental reimbursement and travel expenses in addition to the cost of repairs.

AD&D Program: All Members 18 to 70 may sign up for $1,000 free coverage. Members 70 and older are eligible for $500 free. Insurance is provided through Benefits Consultants, Inc. (BCI) and underwritten by Fortis Benefits Insurance Company (formerly underwritten by General Electric Capital Assurance Company). Premiums for the free coverage are paid by ALOEFCU. Additional family or individual coverage is available at reasonable rates. Members can call Fortis Benefits Insurance Company at
(800) 252-2148.

* $1,000 coverage ($500 for members 70 and older) is paid for by ALOEFCU for all members who sign up.