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Payment Protection

 

Taking out a loan means one of your dreams is about to come true – for example, a new car, boat, or home improvement.  But what happens to your dream when the unexpected hits?  How can you make sure your family will not shoulder the financial burden of making loan payments when you are unable to do so?  

We have an option that can protect your family against the unexpected.  Payment Protection coverage.  This protection could cancel your loan balance or payments up to the contract maximums.

And, Life Plus adds protection for life events such as accidental dismemberment, terminal illness, hospitalization, family medical leave, and the loss of life of a non-protected dependent. Protect your loan balance or loan payments today so your family can worry a little bit less about tomorrow. Purchasing protection is voluntary and won’t affect your loan approval. It’s simple to apply. Ask your loan specialist about eligibility, conditions, or exclusions. 

Other benefits include:
•  Protects your credit rating and collateral
•  Simple eligibility requirements
•  Fast and easy enrollment
•  Immediate coverage for eligible borrowers
•  Convenient – fee is included in your loan payment

Plans Available:

 

Consumer Loan Protection
•  Coverage can protect up to two borrowers per loan, depending on your needs.
•  Loss of Life coverage cancels your loan balance up to $50,000 in the event of death.
•  Disability coverage cancels your monthly loan payment for up to 12 months up to $12,000 if disabled by a covered illness or injury.
•  Involuntary Unemployment or Family Leave coverage cancels your monthly loan payment for up to 6 months or up to $3,000 if involuntarily unemployed or for Family Leave in circumstances defined by the Federal Family and Medical Leave Act.

Home Equity Protection

•  Coverage protects up to two borrowers per loan for the same fee.
•  Loss of Life coverage cancels your loan balance up to $50,000 in the event of death.
•  Disability coverage cancels the interest and program fee portion and defers the principal portion of your monthly loan payment for up to 12 months up to $12,000 if disabled by a covered illness or injury.

Credit Card Protection
•  Coverage can protect up to two borrowers per loan, depending on your needs.
•  Loss of Life coverage cancels your loan balance up to $50,000 in the event of death.
•  Disability coverage cancels your monthly loan payment for up to 12 months up to $12,000 if disabled by a covered illness or injury.
•  Involuntary Unemployment coverage cancels your monthly loan payment for up to 6 months up to $3,000 if involuntarily unemployed.

Contact us about Payment Protection or speak with a loan specialist at any of our branch offices.

*Your purchase of Payment Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of Payment Protection. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid.