- HomeLoans Debt Protection 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.
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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 Comany. Please print and complete the enrollment form here, 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.
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.
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 and GAP.
MBP: 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
GAP: 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
- Eliminates the out-of-pocket expense for the remaining loan balance after loss settlement
- Helps avoid financial hardship and afford a replacement vehicle
- Prevents deficiency balance from being added to new loan
- 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
- 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
- Personal ID Restoration Consulting in case of ID Theft
- 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.
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.
Insurance products shown here are not products of the credit union and are not obligated or guaranteed by the credit union.
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.
||Estimated Monthly Payment
|30 year Fixed
|20 year Fixed
|15 year Fixed
|FHA 30 year Fixed