Hoboken School Employees Federal Credit Union

Insurance Coverage

NCUA Share Insurance
All members are insured up to $100,000.00 and are separately insured for the same amount for IRA accounts. Have more than that? NCUA offers a number of ownership options for accounts that can extend this coverage many times over. If you have any questions about how this coverage works, we'll be glad to help!

Life Savings/ Loan Protection Coverage
The credit union provides coverage automatically and free of charge to our members in two categories:

Life savings insurance matches your primary savings balance dollar for dollar up to maximum benefit of $4000.00 per member. Some reductions may apply depending on your age at the time for the deposit, but once you have qualified for a given amount of coverage, you cannot lose it no matter what your age as long as the funds remain in the account. We have a brochure full of details that can answer any questions you may have.

Loan protection insurance covers up to $20,000.00 of member's regular loans in the event of the borrower's death or total and permanent disability. In addition, up to $20,000.00 in credit card debt is separately insured for death. Loan protection coverage ceases at age 70.

Gap Insurance
Low cost GAP (Guaranteed Asset Protection) insurance is available through the credit union for our auto borrowers. GAP insurance protects the buyer of a new or used auto against financial loss when a car is stolen or in a total loss. Regular auto insurance will only cover the book value of the car less your deductible, but GAP coverage will pick up any shortfall between the value of the car and the amount still owed, up to $1000.00 of you insurance deductible, AND will pay $1000.00 toward your down payment on a replacement car. Auto dealers frequently charge several times as much for such a coverage... use your credit union advantage to buy it at a fraction of the cost.

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