IUI
coverage is a valuable component of the payment protection plan. It provides
peace of mind and one less worry at an already difficult time. IUI ensures that
loan payments, up to $750 per month, will be made for the member. They will not
have to use their savings account or limited unemployment benefits to make their
monthly payments. Not only will they protect their credit rating, but also their
relationship with the Credit Union. IUI will make the monthly
payment on loans when your member is involuntarily unemployed due to
layoff, termination by employer (excludes
termination with cause), lost income due to general strike, unionized labor
dispute or lockout. Eligibility for
state unemployment benefits qualifies the member to receive the IUI benefit.
The number of benefits the member will receive under IUI coverage is
determined by the term of the loan and, these benefits do not have to be paid in
consecutive months. For additional information on benefit maximums, see the
chart below.
Most
of us have been affected – directly or indirectly – by the lapsing economy.
Who would have guessed that the boom times of the 90’s would lead to
record layoffs, dot.com disasters and a general feeling of insecurity
nationwide. But now, you can offer
your membership a product designed to protect their credit rating, investment
and their family with Involuntary Unemployment Insurance – IUI for
short.
|
Loan Term |
Maximum # of Payments |
| 15 months or less |
12 |
| 16-21 months |
13 |
| 22-27 months |
14 |
| 28-33 months |
15 |
| 34-39 months |
16 |
| 40-45 months |
17 |
| 46 months or more |
18 |
** Some restrictions and conditions of coverage do apply. For complete information and disclosure, please Resource Financial Services.
Involuntary Unemployment
Insurance is now available to select credit unions in the State of Texas. For
additional information or to find out if your credit union is eligible to offer
IUI to your membership, please contact Mike Reichenstein at 972.462.1511 or email
Mike today.
