DEBT PROTECTION: Help protect your loan.
Help preserve your standard of living.
Whether you’re taking out a loan to make home improvements or buy a vehicle, it can be a financial gamble because things happen…life happens. You’re betting you can pay back your loan and you won’t lose your job (through no fault of your own), or become disabled (due to injury or illness), or pass away, which could leave your family responsible for your loan balance. Life events can cause financial hardship, making bill-paying difficult. You don’t want delinquent payments and defaulted loans to cause you to lose your assets, negatively impact your credit rating, or cause financial distress for your family.
Help play it safe.
Debt Protection is a voluntary loan-payment protection product that helps you get relief from the financial burden of delinquency, default, or foreclosure if a protected life event unexpectedly happens to you. Simple eligibility requirements help ease the enrollment process.
If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), Debt Protection will cancel or waive your loan payment(s), up to the contract maximums. This will help to lessen your worries, and your family’s worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging.
Protected events include:
• Loss of life, including those caused by acts of war.
• Disability, including those caused by acts of war.
• Involuntary unemployment.
About 1 in 8 of today’s 20-year-olds will die before reaching age 67.*
Just over 1 in 4 of today’s 20-year-olds will become disabled before reaching age 67.*
Long-term unemployment (those jobless for 27 weeks or more) has accounted for more than one-third of the total unemployment since July of 2009.**
Your purchase of Debt 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 credit union lender, or refer to the Member Agreement for a full explanation of the terms of Debt 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.
DPGAP-0813-E0F2, © CUNA Mutual Group 2014, All Rights Reserved.