Debt Protection is a type of coverage for your loan that alleviates stress in financially tumultuous situations. Losing your job or becoming disabled can mean that you’re not able to make your current loan payments, and then you’re staring down a quick downward spiral. Adding Debt Protection to your loan can take care of those payments for you with no added interest, penalties or hits to your credit. This protection also covers your family members in the case you pass away before your loans are paid. If you have a loan vehicle, it could even be passed on to your next of kin, free and clear. Having Debt Protection on your loans in the event of death pays off your balance, so your family can focus on healing and remembering the good times – not added financial burdens.
Give your family time to get back on their feet financially and help avoid bills piling up as you try to regain your health and earning capacity. You can also use this benefit as a supplement to any disability coverage you may have at work (which usually only covers 60 percent of your pay). Debt Protection is available for closed-end consumer loans of 120 months or less, credit cards, and closed-end home equity loans of 120 months or less. Choose from the three plans listed below: