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This provides deposit insurance for credit unions in much the same way as the FDIC provides insurance for banks. Look for the NCUA logo at your credit union's teller stations. The standard maximum limit is $250,000 per individual account holder, per federally insured credit union. (To check on whether your credit union accounts are fully covered, use NCUSIF's coverage estimator at http://webapps.ncua.gov/ins.)
Some credit insurance policies will not cover the full term and amount of your loan. Under New York State Law, the maximum allowable amount of coverage for credit life insurance is generally $220,000 for a mortgage loan and $55,000 for all other debts.ome credit insurance policies will not cover the full term and amount of your loan. Under New York State Law, the maximum allowable amount of coverage for credit life insurance is generally $220,000 for a mortgage loan and $55,000 for all other debts.