Member Credit Protection is a single premium waiver product that allows the member to pay a one time fee, and provides the comfort of knowing that their assets are protected in time of loss. Member Credit Protection forgives the member’s outstanding indebtedness to the Credit Union if one of two events occur: the member totals his/her auto and a shortfall exists after insurance claims have been settled or the member unexpectedly dies during the term of the loan. Member Credit Protection is convenient, economical, and usually costs less than purchasing similar products separately. The cost for MCP can be added to the original loan balance and amortized over the life of the loan.
Here are some of the advantages:
- MCP is an Arlington FCU administered product, so all interactions are with Credit Union personnel that you know and trust.
- Helps protect credit rating.
- Reduces or pays off your covered loan balance, up to the policy maximum.
- Requires no complicated enrollment forms or physical exam.
- Offers the convenience of including cost in your loan payment
- Cost savings over purchasing GAP and Credit Life Insurance separately.