KILLED IN THE LINE OF DUTY (KILOD)
KILOD (Killed in the Line of Duty)
About Killed in the Line of Duty Loan Protection
Killed in the Line of Duty Loan Protection is a waiver addendum to the qualifying loan agreement between the borrower and the Credit Union under which the Credit Union agrees to cancel the amount of the borrower’s eligible loan(s) if the member dies while engaged in work-related activities as a full-time Law Enforcement Officer, whether on- or off-duty, as the result of external force, violence, or disease (including heart attack or stroke occurring during training, or other strenuous activity.)
Killed in the Line of Duty Loan Protection cancels the outstanding loan balance as of the officer’s date of death up to a combined maximum of $850,000 for all of the officer’s eligible loans* with the Credit Union.**
How Do I Qualify for Killed in the Line of Duty Loan Protection?
To qualify for Killed in the Line of Duty Loan Protection, qualifying members must take out a new eligible loan* for $25,000 or greater; or an aggregate of two or more new eligible loans* for $25,000 or greater.
Are there any Killed in the Line of Duty Loan Protection program exclusions?
The following is a list of Killed in the Line of Duty Loan Protection program exclusions:
- Death from suicide
- Death from diseases or other causes not related to work-related activities
- Covered person is aged 70+
- Death occurs prior to the effective date of protection
- Death occurs as a result of a crime committed by borrower
- Atomic explosion
- Outbreak of communicable diseases epidemic or pandemic
- War, whether declared or undeclared
- Actual or expected act of terrorism
*Eligible Credit Union loans include Mortgages and Home Equity Loans; Auto, RV, Motorcycle and Boat Loans; Signature Loans, Uniform Loans, Tuition Loans, Student Loan Consolidations, and Credit Cards.
**Killed in the Line of Duty Loan Protection is available only for the qualifying officer, and the protection may not be purchased outright. This debt cancellation benefit only applies in the case of death. Please see loan addendum upon loan closing for more details.
MORTGAGES (JOHN AREOTS)
Mortgages | Chicago Patrolmen’s Federal Credit Union (cpdfcu.com)