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A loan for your home, auto or other major purchase could represent a significant burden on your family if you were to become disabled or die. Not being able to make the mortgage or other loan payments could make a difficult situation even worse. You can protect your assets and your family with a variety of options.
Payment Protection
Payment protection is a voluntary debt cancellation program from Alaska USA that cancels your loan balance or your monthly loan payment (depending on the package selected) in the event of disability or death up to the agreement maximum. Your outstanding loan balance can be canceled up to $100,000 for loss of life and your monthly loan payments can be canceled for up to $120,000 or 120 months in the event of disability. It is available to members between the ages of 18 and 70, and one or two borrowers can be protected. The fee is based on the monthly outstanding loan balance and can be added to the monthly payment or the end of the loan period.
Mortgage Life Insurance
Pays your mortgage loan balance in the event of your death from any cause. Premiums are added to your monthly mortgage payment. Available to members under age 70 who have mortgage loans serviced by Alaska USA. Premiums are based on your loan balance and age.
Mortgage Accidental Death and Dismemberment Insurance
Pays your mortgage loan balance in the event of your death or disability from accidental
causes. The premium is added to your monthly mortgage payment. Available to members
who have mortgage loans serviced by Alaska USA. The cost of this coverage is based on your
loan balance or the portion of the balance you choose to cover.
You may download an application form for Mortgage Accidental Death and Dismemberment insurance.
Note:
Each product above has been described here in general terms. Each is subject to the terms of the governing master agreement, certificate of insurance, or both.
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