Debt Protection
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 (to no fault of your own), or become disabled (due to injury or illness), or pass away, leaving 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. And, simple eligibility requirements ease the enrollment process.
Protection That Matters
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 reduce repayment of your loan debt – helping 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.
How does it help members?
With Debt Protection, if the unexpected were to occur you would be able to:
- Keep paying bills – If income is lost or reduced during times of financial hardship, payments for covered assets are made, freeing up income to pay other household bills
- Save financed assets – A family’s standard of living is preserved, their savings aren’t depleted, and their financed assets are saved
- Maintain their credit rating – Protects credit rating by ensuring loan payments are made on financed assets – the ability to get future credit is not compromised
Members can enroll for debt protection at any time during the life of the loan.