Credit Involuntary Unemployment Insurance (IUI)
Prepare yourself for the unexpected
You never know what a day may bring, especially in uncertain economic times. Help protect yourself with Credit Involuntary Unemployment Insurance. Should you find yourself unemployed with bills to pay, this insurance provides you with a sense of security knowing that your loan payment will not become an additional burden during this time.
Credit Involuntary Unemployment Insurance (Credit IUI) is designed to pay your loan payments for a specified period of time (and up to the contract limit) if you are involuntarily unemployed.
What are the benefits?
- Helps protect your family’s security. Credit IUI may help protect your credit rating by helping to ensure your loan will not end up in default in the event you are involuntarily unemployed. It also reduces your financial burden at an already difficult time.
- Reasonable premiums. Rates vary from state to state and the actual cost of your particular coverage depends on where you live, your loan amount, and the coverage selected. Please contact your financial institution for specific rate information.
- Convenient. Application is easy and usually done at time of loan application. And, your one time premium may be conveniently included in your loan amount.
- Simplified eligibility. Age restrictions may vary from state to state; however, you can usually obtain Credit IUI up to the age of 65. Also, a medical exam is not required although general employment related questions may be asked to verify your current employment status.
When can I apply for Credit Involuntary Unemployment Insurance?
You may apply for Credit IUI coverage at the time of your loan application. Your insurance becomes effective as soon as your loan is finalized. This insurance has a waiting period that must be satisfied before you are eligible for Credit IUI benefits. Consult your policy for details.
No obligation for 30 days
When you apply for Credit IUI, you have 30 days following receipt of your insurance certificate to review your Credit IUI plan and make sure it meets your expectations. If, during this period, you decide you don’t want the coverage, you can cancel it without obligation and any premiums paid will be refunded.
Is joint coverage available?
If both you and your co-debtor are named on the loan application, check with your financial institution to see if joint credit involuntary unemployment insurance is available.
How long does it take to process a claim?
Unless your claim requires additional information, your claim is generally processed within 10 days after receipt of all required information. Once processed, the claim benefit amount will be credited to your loan.
How do I file a claim?
Upon the occurrence of a covered event, contact your loan representative at your financial institution if you are involuntarily unemployed. Your loan representative will complete the loan information on our claim form and send it to you with instructions on how to complete the remainder of the form. You can return the completed form and any supporting documents to your financial institution (recommended approach) or mail directly to insurance company Securian Casualty at the address listed on the claim form.
Who underwrites the coverage?
Insurance is underwritten by Securian Casualty Company, a member company of Securian Financial Group. Securian Casualty 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 Securian Casualty’s rating ranks relative to other ratings, please visit our website at: securian.com/ratings.
Exclusions
The information is intended to serve as a general guide to Credit Involuntary Unemployment Insurance coverage. Please consult your insurance documents for the specific exclusion language.
Depending on your state of residence, Credit IUI will not cover unemployment resulting from:
- Normal, routine, or seasonal shut-down
- Discharge from active military service
- Strike, lockout, or labor disputes
- Voluntary forfeiture of employment income
- Resignation
- Retirement
- Disability caused by an accident, sickness, disease, or
pregnancy - The result of a willful or criminal misconduct
- Nuclear or natural disaster of any kind
Note: Some exclusions are not in force in every state or may vary due to state-specific requirements. Check with your financial institution to verify state-specific exclusions and requirements.