LIFE INSURANCE PLANS
Credit Life
Credit Life pays off the consumer’s remaining debt on a specific loan if the borrower dies during the term of the coverage.
Subject to the terms and provisions of the policy.
Credit Disability
Credit Disability (also called credit accident and health) pays the monthly payments on a specific loan if the borrower becomes disabled during the term of the coverage.
Subject to the terms and provisions of the policy.
Term Life
Term life insurance provides coverage for a specified period of time. It is usually the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis. It is considered to be pure insurance protection because it builds no cash value.
Annual Renewable Term (ART)
This insurance provides automatic yearly renewable protection with a level death benefit. Premiums are based on age and coverage and will change annually.
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Level Term
Another form of term coverage is guaranteed level premium term where the premium is the same for a given period of years.
Terms available are 10 and 20 years.
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Single Premium Term
There are two basic forms of this limited pay insurance; Level and Decreasing. With Level, the death benefit remains constant over the term. With Decreasing the death benefit decreases over the term. This coverage can range from 1 to 20 years and the premium is a single, up front payment.
See brochure for Single Premium Term
Whole Life
Unlike term insurance, whole life insurance offers coverage for your entire life. It accumulates cash value, which is accessible in the form of loans or withdrawals. Therefore, whole life can represent a future source of cash as well as protection. The premium and coverage remains the same throughout your lifetime.
ANCILLARY PRODUCTS
Guaranteed Asset Protection (GAP)
GAP provides protection for lenders and borrowers from financial losses resulting from deficiency balances that arise when there is a difference between the actual cash value of the collateral and the loan balance owed at the time of total loss or non-recovered theft.
Collateral Protection Insurance (CPI)
If the debtor fails to obtain or maintain their own insurance, the lender may purchase insurance to protect its interest in the collateral.
Vendor Single Interest/Lender Single Interest (VSI/LSI)
Often called blanket single interest coverage, VSI/LSI protects lenders from financial losses due to uninsured physical damage to the loan collateral. With this product, the lender purchases coverage for all loans secured by property as collateral, and the lender pays the insurer a flat premium rate per loan. For the benefits to be payable, the loan must be in default, the property must be repossessed, and the creditor must have suffered an impairment of interest. The VSI/LSI policy covers the difference between the value of the property at repossession, and the loan balance at the time of repossession.
OLD RELIABLE
Since 1957
Specializing in credit insurance products, including credit life, credit disability, and single premium term insurance sold through Oklahoma and Arkansas financial institutions, dealerships and commercial entities. Texas financial institutions were recently added.