Loans
Credit Protector Plans Available for Consumer Loans and Credit Cards:
Plan #1 provides coverage for three life events:
- Death - cancels the remaining balance as of the date of death, up to $50,000.
- Disability - cancels up to 12 payments per occurrence (up to $1,000 per month) if disability occurs during the term of the loan. Maximum benefit is 12 payment cancellations during the loan term.
- Involuntary Unemployment - cancels up to 3 payments per occurrence (up to $1,000 per month) if involuntarily unemployed during the loan term. Maximum benefit is 3 payment cancellations during the loan term.
Plan #2 provides coverage in the event of death or disability, but without the involuntary unemployment option. The coverages are the same as in Plan #1.
Credit Protector Plans Available for Home Equity Lines-of-Credit and Fixed-Term Second Mortgages:
Plan #1 provides coverage in the event of death so that your love ones can get back on their feet financially.
- Death - cancels the scheduled minimum monthly payment (up to a maximum of 1.5% of the outstanding loan balance or $1,000, whichever is less) for up to 6 months or the remaining term of the loan.
Plan #2 provides coverage for death as well as disability.
- Death - cancels the scheduled minimum monthly payment (up to a maximum of 1.5% of the outstanding loan balance or $1,000, whichever is less) for up to 6 months or the remaining term of the loan.
- Disability - cancels the scheduled minimum monthly payment (up to a maximum of 1.5% of the outstanding loan balance or $1,000, whichever is less) for up to 6 months or the remaining term of the loan. Maximum benefit is 12 monthly payments over the term of the loan.
Plan #3 provides coverage in the event of three life events -- the same Death and Disability coverages as Plans #1 and #2, as well as peace of mind in the event Involuntary Unemployment occurs. This additional coverage cancels the scheduled minimum monthly payment (up to a maximum of 1.5% of the outstanding loan balance or $1,000, whichever is less) for up to 3 months or the remaining term of the loan. Maximum benefit is 6 monthly payments over the term of the loan.
