Debt Protection
How would you pay your loan if you lost your job? Who would have to pay off your loan if something happened to you? Get peace of mind and protect your family with debt protection.
Sometimes called payment protection, debt protection cancels your monthly payments in certain pre-determined circumstances such as death, injury or job loss to protect you from defaulting on your loan. Different plans have different coverages and exclusions. We can help you find the best plan for you.
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 have to have 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.
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Read MoreDebt 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.
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.
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.
