Debt Protection
Stay secure when life takes an unexpected turn.
What is debt protection?
Debt protection cancels your loan payments in events like death, injury, or job loss, helping you avoid default. We’ll guide you to the plan that best fits your needs.
Availability and plan options
Debt Protection is available for closed-end consumer loans, unsecure lines of credit (Kwik Cash), closed-end home equity loans, non-purchase money first mortgages, traditional first mortgages, and home equity lines of credit.
Choose from the plan options listed below:
Rates per $1,000 of monthly loan balance
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Good – $1.18
Good – $1.18
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Better – $3.08
Better – $3.08
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Best – $3.68
Best – $3.68
Death
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Good – $1.18
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Better – $3.08
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Best – $3.68
Disability
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Good – $1.18
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Better – $3.08
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Best – $3.68
Involuntary Unemployment
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Good – $1.18
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Better – $3.08
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Best – $3.68
Definitions of coverage
If you meet eligibility requirements and conditions, Debt Protection will provide the following benefits:
Death: Helps your family get back on their feet financially with cancellation of loan.
- All Plans: Cancels the remaining loan balance as of date of death (up to $100,000)
Disability: Cancels your loan payments for a period of time as you regain your health.
- Plans 1 and 2: Cancels up to 12 payments per occurrence (aggregate maximum of $15,000, up to $1,000 per month)
Involuntary Unemployment: Helps ensure your loan payment will be taken care of while you search for new employment.
- Plan 1: Suspends up to 3 payments per occurrence (aggregate maximum $15,000, up to $1,000 per month)
Debt Protection FAQs
Debt protection is available for many types of loans, including some credit cards. You can also add debt protection to any loan or line of credit opened in the last 6 months.
Some plans have exclusions for things like changing your job status to working part-time or self-employment, so it’s important to make sure your plan meets your needs and expectations. Your loan officer can help you find the right fit.
No. PMI is typically a requirement for homebuyers who put down less than 20% of the home purchase price and is meant to protect the lender’s investment. This differs from debt protection, which protects you from defaulting on your loans as a result of certain events. You don’t need loan protection to get a loan. But there are good reasons to consider it.
You can cancel your debt protection at any time. If you cancel within the first 30 days of coverage, we’ll refund any fees already paid.
Interested in debt protection?
Reach out for more information.
Disclosures
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Debt protection is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us.
Additional Disclosures
We will give you additional information before you are required to pay for loan protection. This information will include a copy of the contract containing the terms and conditions of loan protection.
Eligibility requirements, conditions and exclusions
There are eligibility requirements, conditions and exclusions that could prevent you from receiving debt protection benefits. You should carefully read your debt protection contract for a full explanation of the terms and conditions of the debt protection program.