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Credit insurance

It pays when your borrowers can’t

Credit insurance helps ensure your borrowers’ loan balances are paid off or reduced if they die, become disabled or are involuntarily unemployed, protecting both your financial institution and your customers from the risk of a covered loan ending up in default.

Credit life and disability

Credit life and disability protection products are available for installment loans, lines of credit, credit card loans and certain types of real-estate secured loans.

  • Credit life insurance pays off or reduces the loan balance upon death of the borrower.
  • Credit disability insurance pays or reduces the monthly loan payment if the insured borrower is disabled.

These products may also be available to protect a borrower and a co-borrower if both are named on the loan application.

Credit property protection

Credit property insurance protects borrowers from loss or damage to personal property such as a vehicle, furniture, appliances, and other household goods that are purchased with loan proceeds and taken as collateral for a loan.

  • Single interest coverage protects only the insured lender’s interest in the collateral.
  • Dual interest coverage protects the insured lender and the insured borrower’s interest in the property.

Credit involuntary unemployment

If a borrower faces involuntary unemployment, credit involuntary unemployment insurance provides a monthly loan payment benefit or loan pay-off on closed- and open-end consumer loans.

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Existing policy questions

If you are a customer or member and have questions about your existing policy/contract:

Offer peace of mind products to your customers and members

Start a conversation to learn about the various products we can offer your customers and members.

Credit insurance products are offered through our affiliates, including Minnesota Life Insurance Company, Securian Life Insurance Company, and Securian Casualty Company.

DOFU 7-2020