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If your vehicle is totaled or stolen, the amount you receive from your insurance company may be significantly less than the outstanding balance on your loan. This may create a deficit balance or a "gap," resulting in serious financial hardship for you. Guaranteed Asset Protection or "GAP" is designed to pay the deficit, or the difference between what your insurance company determines what your vehicle is worth and the outstanding balance on your loan.
The GAP Protection offered through Parsons Federal Credit Union will not only pay the deficit on your loan balance if your covered vehicle is totaled or stolen, it may also pay your insurance deductible up to $1,000 and will pay up to an additional $1,000 towards the purchase price of your new vehicle if you finance it through Parsons Federal Credit Union. This protection is available for new and pre-owned vehicles, and may be purchased at anytime during the term of your vehicle loan with Parsons Federal Credit Union.
In the event that the primary borrower listed on the GAP Waiver becomes involuntarily unemployed, the IU Suspension Benefit allows the credit union to suspend up to three loan payments and defer the payments to the end of the loan. The IU benefit reimburses the lender for the interest accrued during the suspended payment period.
Some of the coverage offered varies by state, so talk to a Parsons FCU loan officer for more information on this valuable insurance today!
Accidental Death and Dismemberment Insurance is offered by the credit union to our members through Affinion Benefits Group. As an accountholder age 18 or older, you are automatically:
You may have received a letter offering $1000 coverage free, paid for by the credit union with the option to purchase more coverage. If you have elected to purchase more coverage, you will be charged quarterly with an automatic deduction from your account.
To enroll, click here .
If you have any questions, please call the Plan Administrator toll free at 1-877-309-6576, Monday – Friday, 7:00 am – 8:00 pm and Saturdays, 8:30 am – 5:00 pm CST.
1 All coverage is reduced by 50% at age 70 and older. This reduction also applies even if you have attained the age of 70 when you first obtain coverage. The family plan insures spouse and children at a percentage of your coverage amount.
*Insurance is underwritten by Federal Insurance Company, a member insurer of the Chubb Group of Insurance Companies. Exclusions and limitations apply.
Together with our partner LifeHelp, we want to make it as easy as possible for you to shop for the life insurance you need to protect your loved ones.
You may be surprised how easily and affordably you can arrange for coverage to:
To learn more, click here.