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, up to the benefit maximums.

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, with maximums reduced at age 75.

We offer three types of coverage:

• Death - Cancels the remaining loan balance up to the benefit maximum.
• Disability - Cancels your monthly payment for up to 12 months, with a maximum of $12,000.
• Involuntary Unemployment- Cancels your loan payment for up to 6 months, with a maximum of $6,000.

Is there a maximum benefit?

Yes. For Death coverage, the maximum is $50,000.

For Disability, the maximum is $12,000 total.

For Involuntary Unemployment, the maximum is $6,000 total.