Hope for the best, prepare for the worst: Credit insurance & debt protection
The adage goes, “Hope for the best, but prepare for the worst.” While you can never predict what challenges your members might face, you can protect them—even in the event of a serious illness. The first step to protecting your members is making sure they’re educated:
- One in four 20-year-olds will experience a long-term disability before they retire.1
- The average length of a long-term disability claim is 34.6 months.2
- Short-term disabilities (lasting six months or less) affect 5.6% of working Americans each year.3
- More than a third (69%) of Americans have less than $1,000 in their savings account to cover an unexpected event.4
- Although Social Security Disability Insurance (SSDI) can help alleviate some of the financial burden, it may not be enough. As of May 2018, the average SSDI benefit was $1,063 a month.5
As a credit union, you want to help members achieve their financial goals. You’re also looking for the assurance that the loans you approve will be paid back.
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