Insurance & Loan Protection

Baylands offers Mechanical Repair Coverage (Extended Warranty) and other Loan Protection products that guarantee peace of mind when financial storms strike.

For questions on any of the below listed products, please contact a Member Service Representative.

 

Term Life and Disability Insurance

For your protection, we make available optional Term Life and Disability Insurance for loans through CUNA Mutual Insurance Society. The cost may be less than you would pay for similar insurance elsewhere.

You can choose one or both types of coverage for all loans except first mortgages, credit cards, and equity lines of credit and loans with a term greater than 10 years.

What is Term Life Insurance for Loans?

Term Life Insurance for Loans generally pays off a loan (up to the insurance contract limit of $30,000) if you become deceased before your Baylands Federal Credit Union loan is repaid. Age restrictions apply.

What is Disability Insurance for Loans?

If you become disabled due to a covered accident or illness, Disability Insurance for Loans generally makes payments (up to the insurance contract limit) on your loan with Bayland Federal Credit Union. You must work a minimum of 25 hours a week to be eligible for this coverage.

The premiums are based on the amount of the loan and the insurance covers the unpaid loan balance. As soon as the loan is paid off, the insurance is cancelled or at the age of 66.

 

Guaranteed Asset Protection Insurance (GAP)

This insurance is designed to protect you when a gap exists between the actual value of your vehicle and the amount of money you owe on your loan.

Initially, your loan balance will possibly exceed the value of the vehicle you have financed. This is especially true if you use a small down payment or are not required to make a down payment at the time of purchase.

If your vehicle is stolen or totaled in an accident, your auto insurance company will cover only the replacement value of the vehicle. The remainder of the loan balance becomes your responsibility to pay and the replacement value is not always enough to cover the balance of the loan. GAP is designed to cover that difference.

Benefits of GAP protection are:

  • Protection from financial loss
  • Protection of your credit rating
  • Protection for the term of loan (up to 72 months)
  • Coverage for auto insurance deductibles
  • Benefits for new or used vehicles, including cars, light trucks, motorcycles and some other motorized vehicles
  • It gives you peace of mind that you are covered in case of loss
*Certain exclusions may apply. These products are provided to members through other independent companies for the benefit of Baylands FCU members. These products are not federally insured, are not obligations of the Credit Union, and are not guaranteed by the Credit Union or any affiliated entity.

 

Mechanical Repair Coverage (MRC) / Extended Warranty

Extended Warranty coverage provides repair cost protection beyond the manufacturer’s warranty on eligible new or used vehicles.

Other benefits include:

  • Discounts available on newer vehicles.
  • MRC coverage is transferrable with a minimal cost (restrictions may apply).
  • You have various MRC plan coverage options all with a $0 deductible.

Processing of Extended Warranty Claims

If you have questions and are filing a claim for coverage:

Please call for all claims 1-800-808-0828 or e-mail: claims@route66warranty.com.

*Certain exclusions may apply. This product is provided to members through other independent companies for the benefit of Baylands FCU members. This products is not federally insured, are not obligations of the Credit Union, and are not guaranteed by the Credit Union or any affiliated entity.

 

Accidental Death and Dismemberment Insurance

Accidental Death and Dismemberment Insurance is offered through the credit union at a reduced rate. The first $1,500 basic coverage is provided at no cost to the member (only primary member if it is a joint account). The Members are offered a chance to purchase additional accident insurance for an additional premium, which can be deducted from a share savings account or a share draft account.

The premium is deducted from the designated account each quarter on the following dates, March 1, June 1, September 1, and December 1.

Applications are given to a member when they open their share account and are periodically mailed to you by Transamerica Premier Life Insurance Company. The member must complete the application, mail it to Transamerica Premier Life, and be processed before coverage can take effect.

For information on your policy please call Affinion who serves as the Administrator for these Transamerica Premier Life policies.  Affinion can be reached at 1-855-528-4803.

*Certain exclusions may apply. This product is provided to members through other independent companies for the benefit of Baylands FCU members. This product is not federally insured, are not obligations of the Credit Union, and are not guaranteed by the Credit Union or any affiliated entity.