PFCU insures your accounts up to $500,000 - the highest combination of federal and private insurance available to consumers. Coverage is a combination the Standard Maximum Share Insurance Amount (SMSIA), $250,000 as of October 3, 2008 per member provided by the National Credit Union Administration (NCUA). The Emergency Economic Stabilization Act of 2008 increased the insurance coverage on all accounts up to $250,000 until December 31, 2009. This NCUA coverage is supplemented by $250,000 per member additional coverage provided by American Share Insurance (ASI), a licensed property and casualty insurer. Additional Coverage is available through ownership vesting. Ask us for details or see information and link below.
The National Credit Union Administration, governed by a three-member board appointed by the
President and confirmed by the U.S. Senate, is the independent federal agency that charters
and supervises federal credit unions. NCUA, with the backing of the full faith and credit of
the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring
the savings of 80 million account holders in all federal credit unions and many state-chartered
credit unions.
For more information. Please
ASI, the nation's largest private deposit insurer, has been providing Credit Unions with
extended deposit insurance since 1983. For additional information,
.
Credit Life and Disability Insurance is offered to PFCU members to ensure their loved ones will not be burdened with the obligation of paying off the loan in the event of death or disability. Credit life insurance is available for primary borrowers and co-borrowers and pays off your insured loan balance up to $40,000. Credit disability insurance is available to the primary borrower. Should the member become ill or injured and unable to work, the disability insurance would cover the monthly payments up to $600. Credit life and disability insurance premiums can be written into the loan.
Mechanical Breakdown Insurance can help protect your automobile investment. Auto repairs can be expensive, especially when they occur after the manufacturer's warranty runs out! Mechanical Breakdown Insurance (MBI) can protect you from the high cost of automobile repairs. Our MBI policy is typically less expensive and more comprehensive than dealers' extended warranty and we can finance the premium into your loan. MBI is available for most new and used cars. For more information or for a quote on your vehicle, please call us at 800/445-PFCU.
Guaranteed Auto Protection Plus pays off your remaining loan balance should your automobile be stolen or damaged and is a total loss. GAP+ will cover the difference between your loan payoff and your primary insurance company settlement. Primary insurance companies will pay the actual cash value/current market value if the car is totaled in an accident or stolen. Often this amount is less that your loan balance, especially if you are financing 100% of the purchase price or you have a lot of accessories. GAP+ will pay the difference up to 125% of MSRP so you can start fresh with a new vehicle purchase. You will also receive $1,000 towards the financing of your next auto with PFCU. For more information or a quote, please call us at 800/445-PFCU.
All Pasadena Federal Credit Union members can receive a basic amount of Accidental Death and Dismemberment Insurance by sending in a completed application. Members, ages 18 through 69, are eligible to receive $1,000 of AD&D Insurance at no cost regardless of their occupation, physical condition or employment status. Members, ages 70 and older, can receive $500 of AD&D Insurance at no cost. Up to $250,000 in additional coverage is available at low group rates. Please call us at 800/445-PFCU for additional information.
