Loan Insurance

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We’ve got you covered.

Various insurance and asset protection products are available to complement the loans and other services NY TEAM offers.  These products are provided through independent companies for your benefit.

When you buy a new or pre-owned vehicle, there’s no way to know if it will be stolen or totaled in an accident. And, many times primary auto insurance settlements don’t pay off your loan balance. With the purchase of GAP, you’re helping to protect your vehicle investment against a possible financial loss.

The GAP fee can be included with your monthly payments or made separately by cash, or check. If your car is stolen or totaled in an accident and there’s a difference between what you owe on your auto loan and the value of your vehicle, GAP will help cancel the difference based on the terms of your member agreement. By adding GAP while signing your loan paperwork, you’re helping take responsibility for your financial future. Your loan officer can show you how. You may cancel GAP at any time after your enrollment date. If you cancel within 90 days, you’ll receive a full refund. If you have questions, simply contact your credit union.

You can sign up for GAP when applying for your vehicle loan and the cost can be rolled into your monthly loan payment. Protect your family, your vehicle, and your credit rating with GAP!

Cost:

Auto GAP Insurance                      $200.00
Motorcycle Gap Insurance:        $235.00

This cost can be paid in full or financed with the loan

 

Drive with confidence, knowing we’ve got your back. A breakdown can be troubling enough without the added worry of expensive repairs. That’s why we’re pleased to bring you Mechanical Repair Coverage.

For a few dollars a month, you can protect your vehicle and your finances from the cost of unexpected, covered breakdowns (engine, transmission, steering, brakes, electrical, and more). Plus, have peace of mind with the plan’s 24-hour roadside assistance, towing, emergency travel expense and rental reimbursement.

Some restrictions apply. For example, the plan does not cover pre-existing conditions, commercial vehicles, salvaged or rebuilt vehicles, or trucks over one ton. See branch for more details.

Exclusively for credit union members like you, the TruStage Auto & Home Insurance Program provides affordable top-quality protection. You could enjoy discounted rates combined with online convenience and 24/7 claims service.

Get your free quote today or call 1-855-483-2149

TruStage™ Auto and Home Insurance program is offered by TruStage Insurance Agency, LLC and issued by leading insurance companies. Discounts are not available in all states and discounts vary by state. The insurance offered is not a deposit and is not federally insured. This coverage is not sold or guaranteed by your credit union.

a boy eating a candy on stick

Life can be wonderful. But it can also get complicated when unexpected things happen. Protecting your loan payments against the unexpected such as covered life event could help you protect more than your finances. It could help lighten the burden for the people you care about. Insure your loan payments today so you can worry a little less about tomorrow.

There’s no way to predict unexpected life event. You can take steps to protect your family if the unforeseen happens. Credit life insurance may help reduce or pay off your covered loan or make your monthly loan payment, up to the policy maximum, in the event of a covered life event, injury, illness or death.

You decide which payments you want to protect and the monthly premium may be added to your loan. Coverage is designed to fit your lifestyle, it is totally voluntary, and it won’t affect your loan approval. It’s simple to apply for individual or joint coverage. You can sign up for credit insurance at your loan closing, or anytime you’d like.

  • Reduces or pays off your covered loan balance.
  • Protects survivor’s credit rating.
  • Requires no complicated enrollment forms or physical exam.
  • Offers the convenience of including premium in your loan payment.
  • Helps protect collateral against repossession.

Life Claim? We are here to help!

If you have a loan with a credit union, credit life insurance can help reduce or pay off the balance of the loan in the event of your death. This coverage can relieve your family from the financial burden of repaying the loan. It’s important to note that credit life insurance only covers a specific loan, so other life insurance plans can be used to cover your family’s expenses or future needs, such as college education costs. The cost of credit life insurance is affordable, only costing a few cents per day. The maximum benefit amount is $55,000 per insured and the maximum benefit term is 180 months. The age maximum/termination is 75.

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. Call and speak to one of our friendly loan officers, 516-822-1070 option 3.

 

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  • Makes your covered loan payments if you become disabled.
  • Helps protect credit rating and collateral.
  • Reduces financial burden during recovery.
  • Requires no complicated enrollment forms or physical exam.
  • Offers the convenience of premium included in your loan payment.
If you experience a covered disability that prevents you from working, credit disability insurance will cover your loan payments. This insurance is affordable and can provide a safety net to help you avoid missing payments. The insurance premium is included in your loan payment, so there’s no need to set up additional payments. 
The maximum benefit is $30,000 per insured person per disability, with a monthly maximum of $600. The full benefit term is 120 months, and the insurance ends when the insured person turns 70.

Life or Disability Claim? 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.

Maintaining insurance is a requirement of your loan and is described in your loan agreement.

You can verify your insurance coverage easily by emailing loans@nyteamfcu.org

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The Credit Union works with a third party company to ensure all of our members maintain insurance on their collateral.

If you’re a member, you can buy credit life insurance for most loans except for those secured by real estate. This insurance covers the balance of your loan in case you pass away. To be eligible, you must be the primary borrower and under 75 years old. Joint applicants can also purchase joint life coverage if they’re under 75 years old. Insurance premiums are added to your loan balance each month until you pay off the loan or cancel coverage. The maximum amount of credit life insurance per loan is $50,000 for consumer loans.

Loan Application Disclosures:

Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company (Home Office: Waverly, IA), is optional to purchase and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative or refer to the Group Policy for a full explanation of the terms. Base Form Numbers: CI-MP-POL, CI-SP-POL, B3a-830-0996, B3a-8000695, B3a-800-0288, CI-MP-CE-POL; CI-MP-OE-CC-POL; CI-MP-OE-POL; B3a-800-0992.

For CA only: Base Form Numbers: B3a-830-0996, B3a-800-0695. Claims may be filed by contacting your credit union. If you have questions regarding your claim status, contact CMFG Life at 800.621.6323. California Department of Insurance Consumer Hotline: 800.927.4357.

For VT only: Claims may be filed by contacting your credit union. If you have questions regarding your claim status, contact CMFG Life at 800.621.6323. Only a licensed insurance agent may provide consultation on your insurance needs.

Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the total cost of GAP due to interest assessed against the fee. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP purchased from state-chartered credit unions in FL, GA, IA, IN, UT, VT, and WI may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you purchase a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP purchased from state-chartered credit unions in CO, MO or SC may be canceled at any time during the loan and receive a refund of the unearned fee.

Mechanical Repair Coverage is provided and administered by Consumer Program Administrators, Inc. in all states except CA; where coverage is offered as insurance by Virginia Surety Company, Inc., in NH; where coverage is provided and administered by Consumer Program Administrators, Inc. dba Consumer Warranty Program Administrators, in TX; where coverage is provided and administered by Consumer Program Administrators, Inc. dba The Administrators of Consumer Programs (TX License #175), in FL and OK; where coverage is provided and administered by Automotive Warranty Services of Florida, Inc. (Florida License #60023 and Oklahoma License #44198051), and in WA; where coverage is provided by National Product Care Company and administered by Consumer Program Administrators, Inc., all located at 175 West Jackson Blvd., Chicago, Illinois 60604, 800.752.6265. This coverage is made available to you by CUNA Mutual Insurance Agency, Inc.

The purchase of Mechanical Repair Coverage is optional. This document provides general information about Mechanical Repair Coverage and should not be solely relied upon when purchasing coverage. Be sure to read the Vehicle Service Contract or the Insurance Policy, which will explain the exact terms, conditions and exclusions. Coverage varies by state. Replacement parts may be new, used, non-OEM or remanufactured.

The Assurant® mark and the Vehicle Care by Assurant® application are the sole property of Assurant, Inc.

 

Credit Life and Disability Insurance are available through NY TEAM Federal Credit Union. These insurances are voluntary and not required to obtain a loan. Members have the right to cancel at any time. The current insurance rates are indicated on the disclosure addendum.

CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Your purchase of MEMBER’S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company, is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative or refer to the Group Policy for a full explanation of the terms.

CA Only: Claims may be filed by contacting your credit union. If you have questions regarding your claim status, contact CMFG Life at 800.621.6323. California Department of Insurance Consumer Hotline: 800.927.4357. Credit Union License #:

VT Only: Claims may be filed by contacting your credit union. If you have questions regarding your claim status, contact CMFG Life at 800.621.6323. Only a licensed insurance agent may provide consultation on your insurance needs.

Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of GAP. If you choose GAP, adding the product fee to your loan amount will increase the cost of GAP. You may cancel the protection at any time. If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product.

State chartered credit unions in FL, GA, IA, RI, UT, VT, WI may choose GAP with or without a refund provision. Prices of the refundable and nonrefundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee calculated by the actuarial method.

State chartered credit unions in CO and SC may cancel at any time during the loan and receive a refund of the unearned fee calculated by the actuarial method.