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Insurance

We hope for rays of sunshine but always carry an umbrella… just in case.

It’s practical advice you can use for just about any situation, including opting for insurance on your loans.

Smiling woman walking in the rain.

Accidental Death & Dismemberment (AD&D) Insurance

All Members over the age of 18, are eligible to enroll for coverage of $3,000 Group Accidental Death & Dismemberment Insurance, free of charge. Acceptance is guaranteed regardless of health or occupation. No physical exam or health questions required. Members may also opt to enroll for additional AD&D coverage up to $300,000 at competitive group rates. This insurance is offered through Federal Insurance Company, a Chubb Company. Please print and complete the enrollment form, and return to: Insurance Administrative Services, PO Box 1281, Minneapolis, MN 55440-1281. Coverage reduces by 50% at age 70. Please call the Member Care Center at 315-735-8571 for more information.

Credit Life & Disability Insurance

For all consumer loans we offer Credit Life & Disability as an affordable solution designed to maintain or pay off your debt in the event of an accident or illness that prevents you from working. File a new claim, or check on an existing claim. Please note, if your claim is pertaining to a credit card please call 315-735-8571 to get started.

Credit Life Insurance:

  • Available to Members up to age 70

  • Covers debt in the event of death

  • Pays off current principal balance plus up to 3 months interest

  • Maximum of $55,000 per loan

 

Credit Disability Insurance:

  • Available to Members up to age 66

  • Assumes debt in the event of disability

  • Pays minimum monthly required payment until no longer disabled or insured portion of loan is repaid

  • Maximum of $30,000 per loan

Insured Member must be actively working an average of 25 hours per week to be eligible for Credit Disability. Pre-existing conditions may not be covered under insurance. Other restrictions may apply.

For Auto Loans, We Offer MBP, GAP and DPW:

MBP: Mechanical Breakdown Protection

Mechanical Breakdown Protection covers mechanical breakdowns in conjunction with and for a longer duration than the original manufacturer's warranty. This helps ensure that the investment in your vehicle is protected and reduces the possibility of out-of-pocket expenses during an unexpected mechanical failure.

  • $0 deductible on all plans

  • Immediate coverage

  • Direct pay to repair facility

  • Emergency roadside service included

  • Rental car allowance

  • Battery coverage

  • Competitive rates

  • Cost can be included in your loan or

  • Can be purchased outside your loan

  • Fully transferable

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GAP: Guaranteed Asset Protection

If your vehicle is totaled or stolen, your insurance settlement can be significantly less than the outstanding loan balance. GAP is designed to relieve you of the responsibility for the remainder of the loan balance that may not be covered. We’ll make up that difference. As an added benefit with GAP, you will also receive the Auto Advantage Program.

  • Low cost protection

  • Helps avoid financial hardship and afford a replacement vehicle

  • Helps protect credit rating

  • If enrolled prior to January 1, 2017, Auto Deductible Reimbursement (ADR) pays up to $500 per loss (limit of 2 losses per year) when claim is filed and paid with your primary insurance carrier

  • Personal ID Restoration Consulting in case of ID Theft

  • Eliminates the out-of-pocket expense for the remaining loan balance after loss settlement

  • Prevents deficiency balance from being added to new loan

  • If enrolled on or after January 1, 2017, Auto Deductible Reimbursement (ADR) pays up to $500 per loss (unlimited losses per year) when claim is filed and paid with your primary insurance carrier

  • Warranty Vault online storage for all your warranty information in one easy place

*In order to purchase GAP, you must have an active loan with First Source Federal Credit Union on the asset to be covered.

Learn more about GAP coverage and get a quote.

 

DPW: Depreciation Protection Warranty

Similar to GAP, DPW offers protection if your vehicle is ever totaled, or stolen and not recovered, at any time over the life of the loan. It waives some or all of your loan balance in the event of a total loss of your vehicle. It is equal to the difference between your vehicle’s MSRP or retail value at the time of DPW purchase, less the amount of your loan balance at the time of total loss. As an added benefit with DPW, you will also receive the Auto Advantage Program.

DPW is ideal for those who: ​

  • Have equity in the vehicle through a down payment, trade-in or rebate at time of purchase

  • Make accelerated loan payments

  • Want protection from vehicle depreciation

  • Feel that the money already invested in a vehicle could be protected is important​

Benefits include:

  • No mileage, make or year restrictions

  • Coverage can be purchased at any time

  • ​Coverage is 100% refundable for the first 60 days

  • If enrolled prior to January 1, 2017, Auto Deductible Reimbursement (ADR) pays up to $500 per loss (limit of 2 losses per year) when claim is filed and paid with your primary insurance carrier

  • Personal ID Restoration Consulting in case of ID Theft

  • Accidental death protection is included, which offers cancellation of up to $1,000 of your outstanding loan balance if you were to die in an accident​

  • If enrolled on or after January 1, 2017, Auto Deductible Reimbursement (ADR) pays up to $500 per loss (unlimited losses per year) when claim is filed and paid with your primary insurance carrier

  • Warranty Vault online storage for all your warranty information in one easy place

For Recreational Loans:

We offer the Route 66 Power Sports Warranty. Coverage details are highlighted here.

For Business Planning:

We also offer a variety of life insurance products that can be used for things like funding a buy sell agreement, funding a key person agreement, aiding in retirement planning and covering business debt in the event of a death. Policy options may vary. Let’s find the best fit for you.

Live Smarter

If you have any questions, we are here to help. Call 315-735-8571 to talk about your options or make an appointment with one of our friendly Member service representatives today.

Credit Life & Disability Insurance

File a new claim or check the status of an existing claim. For credit cards, please call 315-735-8571.

Get Started

Membership eligibility required. Insurance products shown here are not products of the credit union and are not obligated or guaranteed by the credit union.