This is to inform you of the changes made to the MEMBER'S CHOICE Credit Disability and Credit Life coverages currently being provided to you through Cannon Federal Credit Union. The following provision changes will be effective April 1, 2011.
* The Credit Disability Insurance rate per $100 of outstanding loan balance is changing from $.09 to $.14 for the Single Insured Plan. The increase in premium could result in a higher last payment or may extend the duration of the loan.
* The new Credit Life Insurance rates per $100 of outstanding loan balance will be decreasing from $.057 to $.052 for the Single Insured Plan and from $.084 to $.076 for the Joint Insured Plan.
There is no action necessary on your part to continue coverage if you already have it. In the event you do not want coverage to continue, please notify the credit union.