Payment Protection & GAP Plus

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, in the event of a protected death or disability, 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 of premium paid 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. Coverage begins for eligible borrowers who elected coverage at loan closing after completion of the loan documents and insurance enrollment forms.

Why is it Valuable?

MEMBER’S CHOICE® Credit Disability and Credit Life Insurance works in two different ways. Credit disability insurance makes monthly loan payments, up to the policy maximum, for a protected total disability due to injury or illness. In the event of a protected death, Credit Life Insurance will pay the balance of the loan, up to the policy maximums. Savings, salary or payoffs from other life insurance won't need to be used to pay off the loan, 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, GAP-2582871.1-0619-0721, © CUNA Mutual Group 2019, All Rights Reserved.

Don’t let a wrecked vehicle wreck your finances.

Guaranteed Asset Protection (GAP) is a great way to protect your finances if the value of your vehicle is less than the amount of your car loan. A good rule of thumb is to assume your new vehicle will depreciate more than 20% after the first year you own it, half of which occurs the minute you drive it off the lot.* This leaves a gap between what you owe on your loan and the value of your vehicle if it’s deemed a total loss due to an accident or theft. Our GAP program may reduce or eliminate the gap between what your vehicle insurance will pay and what you owe on your loan. Plus, it helps you get into your next vehicle by reducing your loan at the credit union by $1,000.

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.

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 vehicle off the lot it drops in value - more than 20% after one year.*  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 reduce or eliminate this gap and protect your loan and your finances with GAP. GAP is like an airbag for your vehicle loan. It can help reduce or eliminate 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.

Contact us or visit your nearest branch location to learn more about adding GAP Plus to your vehicle loan so you can worry less about tomorrow.



*Car Depreciation: How Much Value Will a New Car Lose? CARFAX, Nov 9, 2018. 

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 you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid.

GAP-2454900.1-0319-0421© CUNA Mutual Group, 2019. All Rights Reserved.

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.