Payment Protection & GAP Coverage

Accidents happen. We offer several loan protection options that give you comfort in your time of need.

There is no way anyone can predict an injury, medical-related illness or an unexpected death, but you can take steps along the way to make sure your family is protected if the unforeseen were to happen. MEMBER’S CHOICE® Credit Disability and Credit Life Insurance helps pay your loan so you and your loved ones don’t have to.

How Does it Work?

The premium is included in your monthly payment. If you have a balance on your loan and are totally disabled due to injury or illness, or in the event of an unexpected death, MEMBER’S CHOICE® Credit Life and Credit Disability Insurance can help. By taking a few steps while signing your loan paperwork, you’re helping take responsibility for your family’s financial future. Your loan officer can show you how. You won’t receive extra bills or statements because everything is included in your monthly payment.

You can cancel within the first 30 days for a full refund or at any time after that if you change your mind. If at any point you have questions, of if your family needs to file a claim, simply contact your credit union. Once you complete the loan documents, coverage begins for eligible borrowers.

Why is it Valuable?

MEMBER’S CHOICE® Credit Disability and Credit Life Insurance works in two different ways. You and your family won’t have to make loan payments if you’re totally disabled due to an injury or medical-related illness. It will help pay your loan until you’re fully recovered. In the event of an unexpected death, it will pay off the loan. Savings, salary or payoffs from other life insurance may be protected, giving your family financial freedom when they need it most.

Visit your nearest branch location or contact us to learn more or to enroll today.


CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Your purchase of MEMBER’S CHOICE®  Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company, is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Group Policy for a full explanation of the terms.

CDCL-0713-0FE8, © CUNA Mutual Group 2014, All Rights Reserved.

You don’t expect your car to be totaled by an accident or stolen - but you get car insurance just in case. You probably don’t expect that your insurance settlement could suddenly leave you thousands of dollars in debt, because you owe more on your car loan than your car is worth. You’ll be glad to know there is a way to make sure a car wreck doesn’t wreck your finances: GAP, or Guaranteed Asset Protection for your vehicle loans.

If your vehicle is totaled, you could end up owing more on your loan than your vehicle is worth. This is known as being “upside down” on your loan. As vehicles become more expensive and people take out more loans for longer periods of time, their risk of being “upside down” has increased. Americans have signed up for a record amount of vehicle loan debt for a record length of time. Almost one out of every four car buyers took out a 6 to 7 year loan - which has extended their risk of being upside down to around five and half years.[1]

The reason for this problem is that most car insurance companies will reimburse you only for “fair market value.” Fair market value is the common resale value for a specific car (based on make, model, age, mileage, condition, demand, etc.) in a specific market. In some ways, fair market value doesn’t seem fair if your car is totaled, because you could end up owing more on your loan than the insurance company says your vehicle is worth.

The greatest gap between your loan value and the fair market value usually occurs in the first years of your loan. The second you drive your new car off the lot, it drops in value and keeps dropping. Value often drops 78% in one year, and 46% in 5 years.[2] But your loan value doesn’t decrease as fast, creating a gap. It may no longer be enough to protect your car; you may want to consider optional loan protection as well.

Fortunately, you can now fill this gap and protect your loan and your finances with GAP. GAP is like an airbag for your vehicle loan. It can help fill the gap between what your vehicle insurance will pay and what you owe on your loan, to cushion you against sudden out-of-pocket expenses if your vehicle is totaled. You’ll also receive $1,000 toward a replacement vehicle when you finance your purchase with Dutch Point!

As a credit union member at Dutch Point, you can sign up for GAP anytime. The best time is when you’re signing your loan paperwork. You can include it with your monthly payments or pay separately by cash, check, charge, or electronic transfer.

To find out more, contact us, or visit your nearest branch location. Enroll today.



[1] Experian Study, 1st quarter 2014, from Daily Finance Financial Literacy, “Auto Buyers Set New Records, Load Up On Longer Loans”, June 2, 2014.

[2] % for a typical vehicle in America. Edmunds, “How long should my vehicle loan be?”, March 2015.

Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the GAP Waiver Agreement for a full explanation of the terms of GAP. If you choose GAP, adding the product fee to your loan amount will increase the cost of GAP. You may cancel the protection at any time. If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product.

GAP-1162539.1-0415-0517

Service, Convenience, Value

At Dutch Point, it's all about you. We empower you to make financial decisions that are right for you. We pledge to help you meet and exceed your financial goals through all the stages of your life.