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Why Do I Need Insurance?

This section explains insurance basics as well as answers some of the most common questions our clients ask when buying insurance. The basics include understanding what coverage best fits your needs.

Credit Insurance Products

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Credit Life Insurance

Credit Life Insurance protects an insured customer(s) by paying a benefit in the event of the customer's death. Benefits are applied to the customer's credit obligation.

Benefits of Credit Life Insurance

Credit Disability Insurance

Credit Disability Insurance protects an insured customer by making disability benefit payments to the customer's credit obligation if the customer is unable to work due to a covered illness or injury.

Benefits of Credit Disability Insurance
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Credit Involuntary Unemployment Insurance (IUI)

Credit Involuntary Unemployment Insurance (IUI) protects an insured customer by making a stated number of benefit payments on the customer's credit obligation if the customer is unemployed as a result of layoff, general strike, involuntary termination of employment, unionized labor dispute or a lockout.

Benefits of Credit Involuntary Unemployment Insurance (IUI)

Non-Credit Insurance Products

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Term Life Insurance

Term Life insurance provides a benefit to the insured’s beneficiary in the event of the insured’s covered death. Additionally, if the death is the result of a covered accident, the death benefit amount payable is doubled.

Benefits of Term Life Insurance

Disability Income Protection Policy

Disability Income Protection Policy is a disability income insurance policy that provides payments to the insured in the event the insured becomes disabled and cannot work because of a covered sickness or injury.

Benefits of Disability Income Protection Policy
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Lender-Placed Product

Lender-Placed Auto, often called Creditor-Placed Insurance (CPI) Auto, is coverage obtained by the lender when the borrower fails to provide proof of, or maintain coverage on an auto used to secure the loan and as required by the loan agreement. CPI provides limited coverage and primarily protects the lender’s interest in the property. Generally, no coverage will be provided to the borrower.

Contact your lender for more information on any lender-placed product added to your credit obligation.

Collateral Protection – Vehicle Limited Dual Interest (ASI/VLDI)

VLDI is a Collateral Protection product for customers who pledge an auto as collateral for their loan and do not have personal automobile insurance coverage. It protects both the customer and lender against the risk of damage due to collisions, or against comprehensive risks, such as adverse weather, theft or acts of other drivers. The product covers the lesser of the cost to repair or replace the vehicle, the actual cash value of the vehicle, or the unpaid balance of the customer's loan at time of loss.

Other Products

Guaranteed Asset Protection Product (GAP)

GAP is a product offered by auto lenders in case of total loss to the auto. The GAP product will cover all or part of the difference between what the customer owes on their auto loan on the date of loss and the payment amount made by the customer’s primary auto insurance as of the date the lender applies the primary insurance payment to the auto loan. If the auto is not covered by primary auto insurance, or the primary auto insurance denies benefits, the difference between the auto’s Actual Cash Value as of the date of loss and the remaining unpaid balance of the customer’s auto loan, as of the date of loss will be covered. Total loss includes unrecovered theft, or damage where the cost to repair or replace the damaged auto exceeds the Actual Cash Value of the auto on the date of loss. Please note, that based upon the state, the GAP product may be insurance or a non-insurance waiver.

For the states of AL, CA, CO, DE, ID, KY, MD, MO, NC, NE, NM, OH, OK, OR, SC, SD, WV, WI, and WY, this product is available as a non-insurance waiver.

Home and Auto Plans

The Home and Auto Plans are membership club products that provide various benefits and services to assist with everyday events relating to a member's automobile or Home. Some Auto Plan benefits are Emergency Towing, Locksmith and Car Rental, and Auto Repair Reimbursement. Some Home Plan benefits are Financial and Legal Advice by Phone, Savings on prescriptions and eyeglasses, and Everyday savings on Entertainment and Vacation Travel Services powered by the Entertainment Savers Guide. Not all Plans and Plan features are available in each state. Additional information can be found at

Silver Safeguard Plan

The Silver Safeguard plan is designed to cover expenses related to family, health and lifestyle needs. Some of the benefits include Healthcare Savings and Protection (e.g., telemedicine, prescription drug, home healthcare device and hearing aid discounts and hospitalization reimbursement), Identity Theft Protection, benefits related to Death of a Loved One (e.g., accidental death benefit and funeral services discounts), Common Life Event benefits (e.g., moving & storage reimbursement and marriage & divorce reimbursement), and discounts on Dining & Travel (e.g., gift cards and travel attractions and experiences). Not all plan features are available in each state. Additional information can be found at

If you would like more information on any of these products, please contact us.