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.
How to Get a Quote:
Click here to Get a Quote, or call our specialists at 503.626.6600 for a free, no-obligation quote.
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.
Check out our Debt Protection video below!
Whether you’re looking for help saving money on your Home and Auto Insurance, protecting your car investment with GAP and MBP, or protecting your family from unexpected circumstances with Debt Protection, just know that Rivermark Community Credit Union is here for you!
Reach out to us today to learn more about these options and what is best for you and your family!