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products & services > auto & rv loans > loan protection options

Loan Protection Options

Protection that gives you peace of mind

We know that protecting your financial well being, family, and credit rating is important to you. The optional Loan Protection Program packages offered by your credit union provide you with peace of mind knowing that you are protected in the event of death, disability, or involuntary unemployment.

Protection
Life
Disability
Unemployment
Platinum
*
*
*
Gold
*
*
 
Basic
*
 
 
Interest Only
*
*
 
CardProtect
*
*
*
Life benefit cancels your loan balance up to $100,000 in the event of death.
Disability benefit cancels your loan payment up to 12 months or $12,000 if you become disabled.
Unemployment benefit cancels your loan payment up to 6 months or $3,000 if you are involuntarily unemployed.

The CardProtect plan is available for Visa® and MasterCard® credit cards.

The Interest Only plan is available for home equity lines of credit only. It cancels the interest portion of your monthly payment if you become disabled.

The Platinum, Gold and Basic Protection plans are available on all other loans with the exception of first mortgages and business loans.

How do you know whether you should protect your loans with a Loan Protection Plan? Consider these questions along with a brief description of protection offered.

Life Questions:

  • How many years of replacement income does your current life protection provide?

  • What happens to your family's standard of living once this replacement income is gone?

  • How will your new loan affect your life protection needs?

Loss Of Life: If your death results from a protected cause, your loan balance will be cancelled up to the agreement maximum.

Disability Questions:

  • Do you currently spend almost everything you earn?
  • What percentage of your income is covered by long-term disability insurance? How long before long-term disability benefits start? What other resources do you have?
  • If you become disabled how long could you afford your existing standard of living without incurring debt or disrupting your long-range savings plans?

Disability: If you are employed full-time and become sick or disabled and are unable to work, we will cancel your loan payment prorated on a daily basis for each day you are disabled for up to twelve (12) months or until the balance is cancelled, but not more than $12,000 per period of disability.

Unemployment Questions:

  • Do you currently spend almost everything you earn?
  • Can you live on the state unemployment benefit and maintain your standard of living?
  • Can your savings account support your family's standard of living long enough for you to locate employment?

Unemployment: If you are employed full-time and become involuntarily unemployed, we will cancel your loan payment prorated on a daily basis for each day that you are involuntarily unemployed for up to six (6) months or until the entire protected balance has been cancelled, but not more than $3,000 per period of involuntary unemployment.

A Loan Protection Program can protect your loan balance, your family, and your credit rating for just pennies a day. The peace of mind you gain is worth every cent. Enrollment is quick and easy, and the cost will simply be included on your monthly loan statement. Contact us today for more information, or use the loan payment calculator on this page to estimate your payments.