Insurance & Investments
- Who do I call to report an identity theft incident?
Please see our Identity Theft product page by clicking here for current information.
- Is there a fee for this service?
The primary account holder receives complete identity theft restoration if identity theft strikes at no cost. Additional coverage may be added.
- What is Credit Life Insurance?
The total amount of your loan balance is paid off if the borrower dies during the term of the loan. Maximum coverage is $50,000.
- What is Credit Disability Insurance?
If you become disabled more than 30 days, your monthly loan payments are paid. Upon approval, coverage is retroactive from the date of disability. A maximum of $600 per loan per month is paid per Member.
- Can I get insurance for my spouse and family, too?
Spouses and unmarried children under the age of 21 years (23 if full-time students) may be insured under the family plan If the family plan is selected, spouses are insured for 50%. Dependent children are each insured for 20%. If your household does not have any dependent children, the spouses’ coverage rises to 60% of the additional coverage selected. If you do not have a spouse, dependent children’s coverage rises to 25%.
- Do I automatically receive the $1,000 no-cost basic insurance?
No. You must complete and return the enrollment form.
- Do I have to buy additional coverage in order to get the $1,000 basic?
No. The $1,000 AD&D insurance coverage is provided as our gift to you, at no cost, as long as you maintain your account with us.
- Do I have to take a medical exam or answer a lot of health questions?
No. There are no medical questions or physical exams required to qualify.
- Does this cover on-the-job accidents?
Yes. The coverage is effective 24 hours a day, worldwide.
- How do I file a claim?
Call toll free at 1-800-252-2148 weekdays, 7:00 a.m. to 8:00 p.m. Saturdays 8:30 a.m. to 5:00 p.m. CST.
- How long does it take before I receive my Certificate of Insurance?
It takes about 30 days from the time the enrollment form is received to process and issue the certificate.
- How long will it take to process my claim?
The claims are processed within five days of the Plan Administrator receiving the appropriate information and documentation in their offices in Nashville, TN. Once processed, the claim is then forwarded to the underwriter for determination of benefits.
- How much additional coverage may I choose?
AD&D insurance has five coverage levels to fit your budget, from $10,000 to $25,000.00.
- How will I be billed?
The premiums will be automatically Debited from your account quarterly. This transaction will be reflected on your statement.
- I bought additional coverage, and I got something called, “added benefits.” What does this mean?
You automatically receive three added benefits that are included with your insurance.
One is Common Carrier Accidental Death that automatically pays twice the face value of your additional coverage.
The Educational Assistance Benefit pays a benefit to each dependent child who is enrolled as a full-time student.
The third is an Anti-Inflation benefit that, after two years of continuous coverage, increases the benefit to specific percentage until it reaches 125% of the original amount.
Your Certificate of Insurance will explain all the specifics.
- Is there an age cutoff?
There is no termination age; however, coverage reduces 50% at 70 years and older.
- What does “Common Carrier” mean?
The common carrier benefit applies when you pay a fare to travel on common or public forms of transportation. This includes commercial airlines, trains, buses, cabs, rental cars, ferries, and more.
- What if I decide to cancel?
Your coverage features a no-risk 30-day guarantee. If you choose not to keep your insurance; simply call toll free 1-800-252-2148, and your insurance will be canceled immediately.
- When does my coverage begin?
The effective date is shown on your Certificate of Insurance.
- Who is the Plan Administrator?
The Plan Administrator is Progeny Marketing Innovations, the nation’s largest provider of direct response insurance programs.
- How do I file a GAP claim?
SCU will file the GAP claim, please contact us for assistance.
- How do I qualify for GAP insurance?
Gap is available on all new and used private passenger autos, vans motorcycles, jet skis, snowmobiles and pickups up to a 1-ton capacity.
- How much is GAP insurance?
Please see our GAP product by page clicking here for current information.
- Is GAP insurance transferable?
- May I add the cost of GAP insurance to my loan?
Yes, as long as the total loan to value does not exceed the maximum we allow.
- What does GAP cover?
Gap pays the difference between the loan balance and the primary insurance settlement when the vehicle is totaled or stolen.
- What is GAP insurance?
GAP insurance is designed to eliminate the member’s unpaid loan balance in the event the vehicle is stolen or damaged beyond repair. Pays the difference between the loan balance and the primary insurance settlement when the vehicle is totaled or stolen. Gap is a loan deficiency waiver and is not offered as insurance coverage.
- When can I add GAP insurance to my loan?
At the time the loan is made.
- What is LPL Financial Services?
LPL is a full service Financial Institution registered with FINRA and a leading provider of Investment services, products and objective advice to individuals and institutions nationwide.
- How does SCU affiliate with LPL Financial?
SCU is in partnership with LPL Financial for the purpose of offering our Members investment services (401K and IRA rollovers, Retirement Planning, Annuities and Insurance), to complement the Southland Credit Union’s current range of products.
- Who do I call to inquire about the available financial services offered through LPL Financial Services?
Please see our LPL page for current information.
Mechanical Breakdown Protection
- Am I eligible for MBP?
The following vehicles are eligible: Private Passenger Automobiles, 1/2-, 3/4-, 1- ton Pickups and Vans, manufactured domestically or imported, which are not used for commercial purposes are eligible for Mechanical Breakdown Protection. Gross Vehicle Weight must be less than 10,000 lbs. New cars must have at least 1 month and 1,000 miles left under the Full Manufacturer’s Warranty. Used cars are eligible on the current model year plus 9 years prior. Mileage restriction apply – refer to Product Knowledge or website.
- Can I add the cost of MBP to my loan?
Yes, as long as our Loan to Value does not exceed our maximum allowed.
- Can I purchase MBP after my manufacturer’s warranty expires?
No. MBP must be purchased within 10 days of the vehicle purchase. Exception: If member is refinancing from another institution, MBP can be added on at the time of the new loan.
- How do I file a claim using my MBP?
When the member notices a failure, they should take the vehicle to a licensed repair facility and ask for a diagnosis. The repair facility should then call American Mercury Insurance (AMI) to report the breakdown and to get an authorization for covered repairs: (800) 654-8455 x3.
- What does MBP cover?
MBP covers the repair of breakdowns of the moving mechanical components in the vehicle.
- What is the cost for MBP?
The cost varies depending on the year, mileage. Please contact us for a quote.
- Are my investment accounts covered by NCUSIF insurance?
No. NCUSIF insurance does not apply to investments, such as stocks, bonds, mutual funds, annuities, and life insurance.
- Can I can increase the insurance on my accounts?
You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. For example, if you have a regular share account and an Individual Retirement Account (IRA) at the same credit union, the regular share account is insured up to $250,000 and the IRA is separately insured up to $250,000. However, if you have a regular share account, a share certificate, and a share draft account, all in your own name, you will not have additional coverage. Those accounts will be added together and insured up to $250,000 as your individual account. Additionally, shares denominated in foreign currencies are insured as outlined in NCUA Rules and Regulations.
- Does NCUSIF share insurance protect the interest of creditors?
No. NCUSIF share insurance protects only credit union members.
- Does NCUSIF share insurance protection apply only if a credit union is liquidated?
No. Liquidation is the only situation in which a member is directly provided share insurance protection by the payment of a check for his or her insured savings. However, indirect protection is provided when the NCUA Board, through the NCUSIF, authorizes financial assistance to a credit union to enable it to overcome a temporary financial setback. In a case where a credit union is unable to overcome its difficulty, financial assistance may be authorized to accomplish a merger that protects the continuing credit union from loss and provides continued credit union service to the members of the merging credit union.
- How does NCUSIF pay members their shares when an insured credit union is liquidated?
Checks for each member’s shares (less any amounts due on outstanding loans) up to the insurance limit are mailed to the member’s last known address as shown in the records of the credit union. These checks are usually mailed several days after the credit union is placed into liquidation. In situations where on-site payment is more convenient, the NCUA liquidation team will give checks directly to members.
- How does NCUSIF share insurance protect credit union members against loss?
Each credit union approved for NCUSIF share insurance must meet high standards of safety and soundness in its operation. Adherence to these standards is determined regularly through credit union examinations by federal and state examiners. If an insured credit union gets into financial difficulties and must be closed, the NCUSIF acts immediately to protect each member’s share account.
- Is my credit union insured by NCUSIF?
Yes, Southland Credit Union is federally insured by the NCUA. Insured credit unions are required to indicate their insured status in their advertising and to display the official NCUSIF insurance sign at their offices.
- What accounts are insured?
Your Checking, Savings, and Certificate accounts are all insured up to $250,000 each. If you have more than one account, the balances are added together and insured up to $250,000. Certain retirement accounts, such as IRAs and Keogh plans, are insured up to $250,000—that’s separate from the $250,000 coverage on your other Southland Credit Union accounts.
- What happens to the member’s share account when an insured credit union is merged into another insured credit union?
Each member’s share account is transferred to the continuing credit union. Accrued dividend credit is also transferred. On the effective date of the merger, each merging credit union member has full membership rights to all the financial services provided by the continuing credit union.