Gain peace of mind when you protect your loan with Payment Protection*.
Consumer Loan Protection
Life Protection: In the event of death, the insured loan balance is paid up to $75,000.
Disability Protection: If you become ill or disabled and are unable to work, your loan payments will be cancelled for up to six payments per occurrence (monthly maximum of $1,000 and total of $15,000 over the loan term)
Involuntary Unemployment Protection: If you become Involuntarily Unemployed, your loan payments will be cancelled for up to 3 payments per occurrence (monthly maximum of $1,000 and total of $15,000 over the loan term).
Benefits and Features of the Protection
Qualifying consumer loans include closed-end loans with a term of 120 months or less,
open-end credit plans and unsecured lines of credit, and credit cards.
Save money over other lender’s programs. Premiums are not paid up front for the entire loan term. Rather, premiums are paid monthly according to your outstanding loan balance at the end of each month.
You can cancel payment protection at any time
Members qualify until the age of 70
Single and joint coverage available
As with any loan protection coverage, certain restrictions and limitations apply
Life Protection: Cancels loan balance as of date of death. Maximum cancellation of $200,000. Death must be due to an accident. Normal accidental death exclusions apply.
Disability Protection: Cancels the minimum monthly payment (up to a maximum of 1.5% of the outstanding loan balance or $1000 whichever is less) for up to six months or the remaining term of the loan. Cancellation of 12 monthly payments is the maximum number over the term of the loan, even if multiple disabilities occur.
Involuntary Unemployment Protection: Cancels the minimum monthly payment (up to a maximum of 1.5% of the outstanding loan balance or $1000 whichever is less) for up to three months or the remaining term of the loan. Cancellation of six monthly payments is the maximum over the term of the loan even if multiple involuntary unemployment's occur.
Benefits and Features of the Protection
Qualifying consumer loans include home equity lines of credit (HELOCs) with a term greater than 120 months and fixed term second mortgages with a term greater than 120 months.
Save money over other lender’s programs. Premiums are not paid up front for the entire loan term. Rather, premiums are paid monthly according to your outstanding loan balance at the end of each month.
You can cancel payment protection at any time
Members qualify until the age of 66
Single and joint coverage available
As with any loan protection coverage, certain restrictions and limitations apply
Please contact Rivermark's
for more information.
These products are underwritten by Minnesota Life Insurance Company. With more than $777 billion of life insurance in force, Minnesota Life is one of the largest life insurance companies in America. Minnesota Life is highly rated by the major independent rating agencies that analyze the financial soundness and claims paying ability of insurance companies.
