GAP (Guaranteed Asset Protection)
GAP (Guaranteed Asset Protection) protects you by covering the “gap” between what you owe on your auto loan and the amount your insurance will cover, in the event your vehicle is totaled in an accident or stolen. Look into adding coverage today!
Debt Protection with Life Plus
Life Plus adds protection for life events such as accidental dismemberment, terminal illness, hospitalization, family medical leave, and the loss of life of a non-protected dependent.
Certain eligibility requirements and exclusions may apply to these summaries. Guaranteed Asset Protection (GAP) and the Debt Protection Program are options that do not affect your application for credit or the terms of any credit agreement with ACT 1st FCU. Neither option is a contract for insurance. The products offered:
- are not federally insured
- are not obligations of ACT 1st Federal Credit Union
- are not guaranteed by ACT 1st Federal Credit Union or any affiliated entity
- involve investment risks, including the possible loss of principal; and
- could be offered by an ACT 1st Federal Credit Union employee who serves both functions of accepting members’ deposits and the selling of non-deposit investment products.
Debt Protection Program
| CONSUMER OPTIONS SUMMARY | Option 1 Life Plus, Disability, Involuntary Unemployment | Option 2 Life Plus, Disability | Option 3 Disability | Option 4 Life Plus |
|---|---|---|---|---|
| Who is Covered | Individual Borrower, Joint Borrowers | Individual Borrower, Joint Borrowers | Individual Borrower, Joint Borrowers | Individual Borrower, Joint Borrowers |
| Cost per Month | Single: $3.13/$1,000 Joint: $5.22/$1,000 | Single: $2.27/$1,000 Joint: $3.90/$1,000 | Single: $1.69/$1,000 Joint: $2.61/$1,000 | Single: $0.75/$1,000 Joint: $1.37/$1,000 |
| Life Plus Benefits | Balance Cancellation Up to $100,000 Graded - Simplified Pre-Existing Condition No Age Maximum | Balance Cancellation Up to $100,000 Graded - Simplified Pre-Existing Condition No Age Maximum | Not Included with this Option | Balance Cancellation Up to $100,000 Graded - Simplified Pre-Existing Condition No Age Maximum |
| Disability Benefits | Payment Cancellation Up to 24 Months or $24,000 Pre-Existing Condition Begins on 1st Day of Disability No Age Maximum | Payment Cancellation Up to 24 Months or $24,000 Pre-Existing Condition Begins on 1st Day of Disability No Age Maximum | Payment Cancellation Up to 24 Months or $24,000 Pre-Existing Condition Begins on 1st Day of Disability No Age Maximum | Not Included with this Option |
| Involuntary Unemployment Benefits | Payment Cancellation Up to 6 Months or $3,000 Begins on 1st Day of Unemployment No Age Maximum | Not Included with this Option | Not Included with this Option | Not Included with this Option |
| HOME EQUITY OPTIONS SUMMARY | Option 1 Life Plus, Disability, Involuntary Unemployment | Option 2 Life Plus, Disability | Option 3 Disability | Option 4 Life Plus |
|---|---|---|---|---|
| Who is Covered | Individual Borrower, Joint Borrowers | Individual Borrower, Joint Borrowers | Individual Borrower, Joint Borrowers | Individual Borrower, Joint Borrowers |
| Cost per Month | Single: $3.27/$1,000 Joint: $5.48/$1,000 | Single: $2.60/$1,000 Joint: $4.49/$1,000 | Single: $1.48/$1,000 Joint: $2.35/$1,000 | Single: $1.12/$1,000 Joint: $2.14/$1,000 |
| Life Plus Benefits | Balance Cancellation Up to $100,000 Graded - Simplified Pre-Existing Condition No Age Maximum | Balance Cancellation Up to $100,000 Graded - Simplified Pre-Existing Condition No Age Maximum | Not Included with this Option | Balance Cancellation Up to $100,000 Graded - Simplified Pre-Existing Condition No Age Maximum |
| Disability Benefits | Payment Cancellation Up to 24 Months or $24,000 Pre-Existing Condition Begins on 1st Day of Disability No Age Maximum | Payment Cancellation Up to 24 Months or $24,000 Pre-Existing Condition Begins on 1st Day of Disability No Age Maximum | Payment Cancellation Up to 24 Months or $24,000 Pre-Existing Condition Begins on 1st Day of Disability No Age Maximum | Not Included with this Option |
| Involuntary Unemployment Benefits | Payment Cancellation Up to 6 Months or $3,000 Begins on 1st Day of Unemployment No Age Maximum | Not Included with this Option | Not Included with this Option | Not Included with this Option |
| CREDIT CARD OPTIONS SUMMARY | Option 1 Life Plus, Disability, Involuntary Unemployment |
|---|---|
| Who is Covered | Single and/or Joint Borrower |
| Cost per Month | $3.59/$1,000 |
| Life Plus Benefits | Balance Cancellation Up to $100,000 Graded - Simplified Pre-Existing Condition No Age Maximum |
| Disability Benefits | Payment Cancellation Up to 24 Months or $24,000 Pre-Existing Condition Begins on 1st Day of Disability No Age Maximum |
| Involuntary Unemployment Benefits | Payment Cancellation Up to 6 Months or $3,000 Begins on 1st Day of Unemployment No Age Maximum |
