- The member must be actively at work and regularly performing the usual duties of a full-time occupation on the date of the loan.
- The member must not have attained the maximum contract age of 72 years. Coverage ceases on the members 72nd birthday.
- Absence from work due to vacation, strike or temporary lay-off due to lack of work will not exclude a member from coverage.
- The loan balance of a member who is out on medical leave or who has knowledge of a terminal medical condition at the time the loan is granted will not be covered.
- If there is a claim, payment of the remaining loan balance will be made only after the credit union receives the death certificate verifying the borrowers death.