Loan Protection

Life happens and has a way of changing when we least expect it. Maui Federal Credit Union can help protect your family’s financial future against the unexpected.

Protect Your Financial Future Loan Solutions

Protection from Future Financial Hardship

The unexpected comes without warning and can sidetrack your life and your pocketbook.

What is loan insurance and how does it work?

Loan insurance protects you and your family in the event of a financial emergency. Life is full of ups and downs, and you may find yourself in a scenario where you are involved in an accident or lose your job unexpectedly. Loan insurances cover all of your existing loan payments at difficult times in your life that may prevent you from working such as physical illness, job loss, or even death.

Why say yes to loan insurance?

Financial difficulties come in our life uninvited and it is important to secure ourselves to meet the crisis. Life is full of unexpected events and loans have become a crucial part of our daily lives. Loan insurance is one of the most effective ways to protect yourself and your family from inevitable situations in which your income is interrupted.

 

Loan Protection Products

To help minimize the financial impact of those unforeseen life events, we offer the following loan protection products to give you peace of mind. You can add Loan Protection to your consumer, home equity, and Visa credit card loans at the time you open your loan or you may be able to add it during the life of a loan.

Protect your Financial Future

For more information on complete Loan Protection coverage details or to add this protection to your current loan with Maui FCU, stop in our Main Branch or call our Kahului office at 808-873-5050.

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Credit Life Insurance

Death, unfortunately, is a part of life. Even though it is not something we like to talk about, taking care of our loved ones is. Credit Life Insurance will cover the insured portion of your loan balance and give your family the peace of mind they deserve. Instead of having to worry about your loan obligation, your family will be protected.

Loan insurances can certainly save you from unforeseen circumstances in life, as well as relieve the stress and strain of ongoing obligations and loans.

Member Benefits

  • Helps protect you and your family against financial hardship should the unexpected occur
  • Reduces the financial burden on your family should you die 
  • Easy enrollment, and simple eligibility requirements
  • May be able to protect up to two borrowers per loan

Credit Disability Insurance

Credit disability insurance is a way to make sure your loan payments are made in a timely manner in case you miss work should you become temporarily or permanently disabled due to sickness or accident. This coverage applies until you return to work (even if you continue to receive a paycheck while away from work) or until your loan is paid off. This coverage pays in addition to any other coverage you may already have. You can rest comfortably knowing your obligations are being met and your credit rating remains in good standing.

Loan insurances can certainly save you from unforeseen circumstances in life, as well as relieve the stress and strain of ongoing obligations and loans.

Member Benefits

  • Helps protect you and your family against financial hardship should the unexpected occur
  • Helps protect your good credit rating
  • Reduces the financial burden on your family should you become disabled
  • Easy enrollment, and simple eligibility requirements
  • May be able to protect up to two borrowers per loan

Mechanical Repair Coverage

Your vehicle is a major investment and if you're like most people, you keep your vehicle longer than the term of its manufacturer's bumper-to-bumper warranty. That's why purchasing Mechanical Repair Coverage is a wise choice. Mechanical Repair Coverage can help ensure that the investment in your vehicle is protected and reduces the possibility of out-of-pocket expenses when your vehicle suffers an unexpected mechanical failure after the manufacturer’s warranty expires. Most important of all, Mechanical Repair Coverage provides peace of mind so you can experience worry-free driving.

Should your vehicle experience a failure after the manufacturer's warranty expires, without an extended warranty you will have no protection from the unexpected repair costs that could be thousands of dollars. Vehicles today are growing extremely complex and contain high-tech sensors, electronics and computers that suffer unexpected failure and need to be replaced. While engines and transmissions are more reliable than ever, it's these other sophisticated parts that frequently fail. As vehicles become increasingly more complex, associated repair costs will rise dramatically.

Mechanical Repair Coverage Features

  • Coverage available on both new and used vehicles
  • Competitive pricing
  • Plans include 24-hour emergency roadside service and rental car allowance
  • Three plans available: Platinum, Gold and Silver
  • Transferable – if you sell your vehicle privately, the coverage can be transferred, adding resale value and appeal
  • Cancelable – receive a full refund within the first 60 days or a pro-rated refund thereafter less a nominal administrative fee

Member Benefits

  • Peace of Mind – Helps provide peace of mind knowing your vehicle is covered in the event of an unexpected covered breakdown
  • Lock-in Repair Costs – Mechanical Repair Coverage helps you to limit your cost of unexpected covered breakdowns to the Mechanical Repair Coverage price, plus any applicable deductible
  • Reduce Risk – Remember, unexpected breakdowns can negatively impact your budget and credit rating. Mechanical Repair Coverage can help eliminate this risk

This is a general outline of the Mechanical Repair Coverage product. Please refer to the contract/insurance policy for the exact details of specific coverages, terms, exclusions, and conditions. For more information on Mechanical Repair Coverage or for a free quote, visit our Main Branch or contact our loan specialists at 808-873-5050.

Mechanical Repair Coverage is not an obligation of Maui FCU or guaranteed by Maui FCU, even though a Maui FCU employee may assist you with Mechanical Repair Coverage and Maui FCU loan proceeds may be used to pay for Mechanical Repair Coverage. Any disputes regarding Mechanical Repair Coverage must be resolved between the purchaser and the insurance carrier.

Gap Insurance

GAP Insurance protects against the hardships of your vehicle being stolen or totaled due to an accident. In these unfortunate situations, sometimes a borrower can owe significantly more than the value of the vehicle – this is known as the "gap". GAP Insurance is designed to give you added peace of mind by helping you cover the difference in the vehicle value and the balance of your loan, up to the maximums allowed.

GAP Insurance Features

  • Protects you when your auto loan balance exceeds your car's current book value
  • One-time $595 cost – a great value! Generally priced below similar protection sold by car dealerships
  • For new and used vehicles
  • Additional $1,000 toward the purchase price of a replacement vehicle, if financed through Maui FCU within 60 days of your primary insurance settlement
  • You can conveniently add GAP Insurance to your Maui FCU loan*
  • You may cancel within 90 days for a full refund

Member Benefits

  • Helps provide peace of mind knowing your remaining loan balance is covered in the event your insurance carrier does not pay off the entire balance
  • Eliminates out of pocket expenses
  • Protects your credit rating!
  • Some exceptions may apply*. To learn more about GAP Insurance or if this coverage is right for you, stop by our Kahului branch or call our loan specialists at 808-873-5050.

Please note that GAP Insurance is not intended to replace your automobile insurance. It does not provide bodily injury, property damage, liability, or collision insurance and does not comply with any financial responsibility or any other law mandating motor vehicle insurance. All new or used motor vehicles with a maximum loan of $100,000 are eligible. Benefit coverage limits up to $50,000 with a loan term up to 84 months. Maximum loan to value paid on claim is 125%. Restrictions and conditions may apply.

Auto Insurance

As a Maui FCU member, you can SAVE on your car insurance!

Here's why you should switch to Farmers Insurance Hawaii:

  • Special discounts for Maui FCU members
  • Special dedicated sales and service line
  • Additional discounts for being claims-free, a homeowner and multi-policyholder
  • Save even more with Farmers Insurance Paperless, Full Pay, and Early Shopper discounts
  • Local claims servicing and 24/7 claims assistance
  • Online and Mobile App policy servicing
  • 24-Hour Emergency Roadside Service for just $7.50**

With local claims servicing and 24/7 claims assistance, and access to a full line of insurance products, why not give Farmers Hawaii a call today at 800-511-0965  or visit Farmers Hawaii to see how you can save an average of $453* on auto insurance!

Start Your Quote

*Average annual savings developed from information provided by new policyholders from 11/01/20 to 11/01/21 that shows they saved by switching to Farmers Insurance Hawaii.
**Per vehicle, per 6-month policy period. May be subject to vehicle inspection. Some restrictions apply. Insurance underwritten by 21st Century Centennial Insurance Company. 

 Loan Protection (Credit Life Insurance and Credit Disability Insurance), GAP Insurance and Mechanical Repair Coverage products are optional. Insurance products are not a deposit or obligation of, or guaranteed by, Maui FCU or its affiliates. These products are not insured or guaranteed by NCUA or any agency of the federal government. Your credit approval cannot be conditioned on whether you purchase any of the insurance products. You may obtain insurance to protect your loan from an entity not affiliated with Maui FCU.

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