Do you and your family have a safety net if the unexpected happens? Calcasieu Teachers & Employees Credit Union offers a protection product with your loan that could help protect your loan balance or loan payments against death, disability or involuntary unemployment and help protect your finances and your loved ones.
Benefits of Debt Protection
- Provide peace of mind for you and your family
- Affordable and convenient by simply adding the payment with your monthly note
- Reduce your financial risk by canceling or waiving your monthly payments when your income may be reduced and expenses are higher
CTECU gives you choices in the options you have for protection:
- Grade A Protection – this provides the ultimate coverage on your loan by providing Life, Disability, and Involuntary Unemployment protections.
- Grade B Protection – protection for Life and Disability events in your life, helping you maintain great coverage for your loan.
- Grade C Protection – protection for Life Plus2 only – this is a great option if you have sufficient disability coverages and just want to provide a little extra peace of mind for your family.
Guaranteed Asset Protection (GAP)
Calcasieu Teachers & Employees Credit Union can help you protect your vehicle in case of a total loss or theft.
No one wants to keep making payments on a vehicle that has been declared a total loss or has been stolen. So, let the Credit Union protect you from having to continue making those payments.
Benefits of GAP+1
- Includes Auto Deductible Reimbursement at no additional cost2
- CTECU will give you $1,000 towards a replacement vehicle3
- Protects one skip payment per year of the loan
- Generally priced below similar protection sold by automobile dealerships4
- Protects the first $1,000 of your insurance’s deductible
How does GAP work?
GAP PLUS Protection will waive the difference between what the insurance company paid (ACV – actual cash value) and the loan amount, if the loan amount is higher. For example:
|Outstanding Loan Balance||$15,000|
|Loan Balance after Insurance Settlement||$5,000|
In this example, GAP Protection will pay $5,000 to cover the remaining loan balance deficiency!
How does ADR work?
Auto Deductible Reimbursement (ADR) Protection2 is an added benefit provided at no additional cost when you purchase GAP+ Protection. ADR Protection will reimburse up to $500 of your deductible for any loss on your auto insurance policy. To receive the deductible payment, the member’s vehicle must be owned (titled or registered) and insured.
Mechanical Repair Protection (MRP)1
Get peace of mind knowing that your vehicle will have protection if there is a mechanical breakdown. Calcasieu Teachers & Employees Credit Union offers a range of extended warranty protections on vehicles.
Benefits of MRP
- Bumper-to-Bumper Exclusionary Coverages
- Repair work may be performed by a dealership, franchise repair facility, or an independent repair shop
- Low deductible options
- Toll-free roadside assistance
- and more!