During this unprecedented time, our members with loans are asking us how their Debt Protection coverage works.
Here are some frequently asked questions regarding Debt Protection and the Coronavirus:
How are Coronavirus cases handled when there is a claim?
Claims made as a result of the Coronavirus are handled in the same manner as other illnesses. Claims are reviewed and decisions are made by the CUNA Mutual Group according to your Debt Protection contract.
What happens if I suffer a loss as a result of the Coronavirus?
If you suffer a loss tied to a Coronavirus illness you may be eligible for benefits under your Debt Protection contract. You must meet all the conditions of your contract. A quarantine by itself is not a protected life event.
When does disability protection coverage begin?
You must meet the definition of disabled in your Debt Protection contract due to the Coronavirus and be:
>> Under the care of a physician
>> Unable to work for at least the waiting/elimination period
>> If it is not a pre-existing condition and you become ill, you can file a claim after the 30-day waiting period. During this time, you must be working over 25 hours.
When does hospitalization coverage begin?
If you have Debt Protection Life Plus, you may file a claim if you are hospitalized for 48 or more hours due to the Coronavirus.
Do any options cover FMLA leave?
If you have Debt Protection Life Plus, you may make a claim in the event of FMLA leave to care for a family member when:
>> They take an unpaid leave of absence for 14 consecutive days
>> They have written approval for the leave from their employer
>> They meet the definition of care for a family member under the FMLA
Can you still add Debt Protection to your loan?
Yes! You can always add Debt Protection to your loan. Please note there is a 30-day waiting period before you can make a claim.
If you’re interested in Debt Protection for your loan, please call us at 800.877.4444.