Do you have family responsibilities and dependants who rely on your income? Is your total debt load more than 25% of your income? Meeting your loan payments without your income can cause financial stress for your whole family. Additional medical, childcare, or housekeeping costs can be an extra burden if your income is reduced due to accident or illness. Protect your savings with loan insurance.

Credit life, disability and critical illness insurance can protect you and your family from the unexpected.


  • Available for all joint parties and guarantors or co-signers
  • Premiums can be added to borrowed amount
  • Protects credit rating and security
  • Flexible choice of single or joint coverage
  • Convenient with benefits paid directly to Morell Credit  Union on owners behalf


Credit Life Insurance


  • Maximum Coverage          $75,000.00
  • Maximum Term                 120 months
  • Minimum Age                     19
  • Maximum Age                    69
  • Available to age 69 - expires on 70th birthday
  • All borowers under age 70 qualify                  

Pre-Existing Conditions

  • Loans with balances $10,000.00 or less, pre-existing conditions are covered with no exclusions
  • Loans with balances greater than $10,000.00 are not covered if death occurs within the first six months from loan date and results from a pre-existing condition. Death from other causes are covered. Pre-existing conditions are covered after six months


Credit Disability Insurance


  • Maximum Monthly Coverage    $1000.00
  • Minimum Age                              19
  • Maximum Age                             59
  • Elimination Period                     30 Days
  • Maximum Benefits                     84 Months
  • Qualify prior to 60th birthday and only covered to your 65th birthday
  • Temporary or permanent disability
  • Must be working a minimum of 20 hours a week or for seasonal workers, capable of working
  • Maximum coverage is for all loans combined
  • Can be added at time of loan application or within first 60 days by paying premium in full


Critical Illness Insurance


  • Maximum Benefit             $90,000.00
  • Maximum Duration          10 years
  • Maximum Age                   55
  • Pre-existing conditions are covered except for the first 12 months immediately after the effective date of insurance
  • Must purchase Life insurance
  • Coverage applied for must equal Life coverage