Loan Protection

Guaranteed Asset Protection (GAP) 

In the unfortunate event that your car is stolen or considered a total loss after an accident, your primary auto insurance policy will generally cover the cash value of the vehicle only, even if you owe more than that to your lender. This difference, or gap, could cost you thousands of dollars in out-of-pocket expenses. UL Federal Credit Union has joined with IWS to offer you Guaranteed Asset Protection (GAP).1 GAP pays the difference between your outstanding scheduled principal balance and the vehicle’s actual cash value on your auto loan or lease in the event of total loss or theft. GAP is available for a nominal cost and may be purchased anytime during the loan term. 

For more information or to enroll, visit a branch or call our Loan Team at 337-482-6956.

Loan Payment Protection

Credit insurance may make your loan payments when you can’t because of unexpected illness, injury or death. Insure your loan payments today so you can worry a little less about tomorrow. Choose Credit Life, Credit Disability or both  options.2

  • Simple to apply
  • Credit Life – Pays the remaining loan balance in the event of your death
  • Credit Disability – Makes monthly loan payments if you become sick, get injured, or become disabled and are unable to work
  • Coverage that fits your loan
  • Won’t affect your loan approval
  • Single or joint coverage options
  • Sign up for credit insurance at your loan closing, or anytime you like

For more information or to enroll, visit a branch or call our Loan Team at 337-482-6956.

Availability of GAP plans and deductibles may vary by state.

2 Your purchase of MEMBER’S CHOICE Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company, is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative or refer to the Group Policy for a full explanation of the terms.

³The products offered:

  • are not federally insured;
  • are not obligations of the credit union;
  • are not guaranteed by the credit union or any affiliated entity;
  • involve investment ricks, including the possible loss or principal; and
  • are being offered by an employee who serves both functions of accepting members’ deposits and the selling of non-deposit investment products.