Who will take care of your monthly mortgage payment in the event of your death or long-term illness? Is your family protected? How will bills get paid?
TDECU offers Mortgage Payment Protection for these tragic situations. How does it work? Twelve monthly payments are made regardless of how many payments are left on the loan.TDECU is a not-for-profit financial cooperative, where you are an owner; which means there are no big corporate stockholders looking for a return. Instead we pass the savings on to you, our members, in the form of lower fees on financial products like these. It pays to be a member of TDECU!
This coverage is designed to pay 12 monthly mortgage payments up to a monthly maximum of $4,000 in the event of an insured debtor’s death or terminal illness, as defined in the policy.
Twelve monthly payments will always be paid regardless of how many payments are left on the loan. In the event the loan is paid in full as a result of benefit payments, any remaining benefit payments will be paid monthly to the debtor’s spouse if living; if not, then the debtor’s estate.
- Pays or reduces the monthly mortgage payment as of the date of death or certified terminal illness as defined in the policy
- Become a Member coverage can be converted to single coverage upon the death or terminal illness of one of the insured. The premium rate converts to the single person rate
- Economical rates maintain over time. Premium does not increase due to age. Premiums can only change if they are changed for everyone in a policy class
- Premiums are paid automatically from your checking account
For additional information, download the informational brochure and application today or call toll-free 800-720-1728.The information contained in this overview is a summary of the plan benefits. Actual plan benefits are determined by the plan document (certificate, policy, contract, etc.). This insurance plan is underwritten by Minnesota Life Insurance Company, a member company of Securian Financial Group. Minnesota Life is highly rated by the major independent rating agencies that analyze the financial soundness and claims-paying ability of insurance companies. For more information about the rating agencies and to see where Minnesota Life’s rating ranks relative to other ratings, please see our web site at www.minnesotalife.com/financials. Coverage is offered under policy form series 06-50434T, 06-5046T, 07-50462 and any state variation thereof.