Protect your financial future from the unexpected with plans that keep you covered

Unexpected events can happen to anyone, and they can have a big impact on your finances. That’s why iQ Credit Union offers a range of member protection plans to help you protect your financial future. Our plans are designed to protect you in the event of death, disability, involuntary unemployment, and more.

Debt Protection

When life throws you a curveball, your loan is probably the last thing you want to think about. Something unexpected, like injury or job loss, can impact your ability to keep up your regular loan payments. That’s where Debt Protection steps in. When you’re protected, your Debt Protection plan can cover your monthly loan payments, or even cancel out your loan balance entirely in the event of financial hardship. 

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    Death

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    Disability

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    Involuntary Unemployment

Guaranteed Asset Protection (GAP)

Imagine you buy a new car. You’re happy and excited, until the unexpected happens: your car gets totaled in an accident or stolen by thieves. You file a claim with your insurance company, but they only pay you the current market value of your car, which could be much lower than what you owe on your loan. You’re left with a gap between what you received from your insurance payout and what you still have to pay.  

That’s where GAP protection comes in. GAP protection pays off the difference between your insurance settlement and your loan balance in case of a total loss or theft. It’s the smart way to protect your financial peace of mind and avoid paying out of your own pocket when the unexpected happens.  

Mechanical Breakdown Protection (MBP) 

Protection beyond the warranty

 A sudden mechanical failure can set you back thousands, and if your vehicle is no longer under warranty you could be footing the bill out of pocket. Mechanical Breakdown Protection steps in when a covered component fails. MBP also provides:

  • 24 hour emergency roadside service
  • Towing and rental car allowance
  • Choose your own repair shop – take your vehicle to any licensed repair facility
  • Zero deductible options
  • MBP Quick Reference Card - AssureGuard.pdf 

 

Depreciation Protection (DPW)

Depreciation Protection protects the equity in your car if your vehicle is totaled or stolen and not recovered. It gives you peace of mind that the money you have put into your vehicle, from your down payment to your monthly payments, is protected in the event of a total loss.

  • Coverage for the life of your loan
  • No mileage, make or year restrictions
  • Locks in value of vehicle at time of funding
  • Also comes with ADR (Auto Deductible Reimbursement)  

    CTA: Book an appointment with an iQ representative to learn more 

Accidental Death & Dismemberment (AD&D)

 The option to enroll in Accidental Death & Dismemberment Insurance is a benefit of your membership. This insurance covers you in the event of loss of life, limb, sight, speech or hearing due to a covered accident. When you enroll, iQ pays in full for you to receive $2,000 in coverage. You also have the option to purchase additional coverage up to $300,000 at an affordable rate with no additional health screenings. 

AD&D insurance covers you 24/7, worldwide 

Additional coverage is $0.90 a month per $10,000 in coverage. 

Sign up for your free coverage.

FAQ's

What are the eligibility requirements for Debt Protection?

You must be under the age of 70 for all Debt Protection Plans.

What are the eligibility requirements for Disability Coverage?

You must presently be working 24 or more hours per week. 

What are the eligibility requirements for Involuntary Unemployment Coverage?

Not self-employed. Season workers: Whether you qualify for Involuntary Unemployment benefits at the end of your seasonal employment will depend on whether you qualify for your state’s unemployment benefits. 

When can Debt Protection be added to an open-ended loan or credit card?

Up to 180 days of an advance under the line of credit. New application and disclosure are required. 

When can Debt Protection be added to a closed end loan?

Up to 180 days from the date the loan is funded. 

When can you purchase GAP?

GAP can be purchased at any time during the loan term. 

What are the benefits of Guaranteed Asset Protection (GAP)?

  • Eliminates the out-of-pocket expense for the remaining loan balance after loss settlement 
  • Helps the borrower avoid financial hardship and afford a replacement vehicle 
  • Prevents deficiency balance from being added to new loan 
  • Helps protect the borrower's credit rating 
  • Additional $1,000.00 to help with new vehicle purchase in the event of a total loss  

How do I file a GAP claim?

Speak to an iQ representative about your need for a GAP claim, and we will file the claim on your behalf. 

When can you purchase a Depreciation Protection Waiver (DPW)?

DPW should be bought during the loan application process. 

Are there any mileage or year restrictions for DPW?

There are no mileage or year restrictions. The maximum loan amount for coverage is $75,000. 

With Mechanical Breakdown Protection (MBP), where can I take my vehicle for repairs?

You can take your vehicle to any licensed repair facility you choose in the US or Canada. 

Are vehicles with pre-existing conditions covered by Mechanical Breakdown Protection?

No. Benefits are not provided for a condition which can be shown to have existed prior to the effective date of the contract, or which existed prior to the expiration of the manufacturer’s warranty. 

Does AD&D insurance cover on-the-job accidents?

Yes 

Can I purchase AD&D insurance for my family?

Yes. Spouses and unmarried children age 19 and under (under age 25 if full- time students) may be insured under the family plan. 

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