Debt Protection

Debt Protection: What is it?

As you work through the decision to get a loan, you should also think about how much money you have in an emergency fund. Would have enough money if you were sick or injured and couldn’t work? Would you have enough saved if you were suddenly let go from your job?

Our Debt Protection add-on can help by canceling all or part of the loan payment or balance in the event of death, disability, or involuntary unemployment.

With Debt Protection, you can help prevent financial strain on your family by protecting you from the unknown and giving you peace of mind.

Benefits and Features:

• Optional coverage can be added to any consumer loan.
• The monthly premium is based on your outstanding balance.
• Single and joint coverage is available up to age 70.

We offer three types of coverage:

• Death - Cancels the remaining loan balance.
• Disability - Cancels your monthly payment for up to six months.
• Involuntary Unemployment- Cancels your loan payment for up to three months.

Is there a maximum benefit?

Yes. For Death coverage, the maximum is $75,000.

For both Disability and Involuntary Unemployment, the maximum cancellation is $1,000 monthly and $15,000 total over the term of the loan.