Your deposit accounts, such as individual and joint accounts and revocable trust accounts, are insured by the National Credit Union Association (NCUA) up to a maximum of $100,000. The NCUA insures Individual Retirement Accounts to $250,000. In addition to this coverage, your Board of Directors also has chosen to provide an additional $250,000 of savings coverage to qualifying accounts through, ESI (Excess Share Insurance), a licensed property and casualty insurance company.*
*Deposit insurance is provided on a dollar-for-dollar basis and is payable only upon the failure and liquidation of the credit union.
Other Insurance Options:
Accidental Death and Dismemberment Insurance
LorMet members, age 18 and over, have the opportunity to obtain basic $1,000 accident coverage - at no charge! To claim your $1,000 no-cost coverage, request an enrollment form at any branch location.
Choice of Benefit Amounts: In addition to the $1,000 pre-paid coverage, eligible members may choose to purchase from $10,000 to $300,000 of accident protection. For your convenience, your premium will be automatically deducted from your share account.
Guaranteed Auto Protection (GAP) Insurance
At minimal cost to LorMet members, GAP coverage protects you financially if your vehicle is totaled or stolen. GAP insurance covers the difference between your loan payoff and your primary insurance company settlement.* Your loan balance may be paid in full (including your insurance deductible up to $1,000.) GAP clears your loan balance, allowing you to start fresh with a new vehicle purchase. Contact the Loan Department at 440-277-8265 for more information.
Credit Life Insurance
Designed to reduce or pay off your eligible loan if you die before the loan is repaid, adding loan protection insurance is easy and affordable for LorMet members. Contact the Loan Department at 440-277-8265 for more information.
*Certain restrictions may apply.
