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.


What is 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.

What kinds of loans are covered by debt protection?

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.

Are there downsides to debt protection?

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.

Is debt protection the same thing as PMI (private mortgage insurance)?

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.

What if I change my mind?

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.


Learn more

September 20, 2017

The Importance of Renters Insurance

Renters insurance is often overlooked. It is critical in protecting you and your possessions if an issue arises while renting an apartment or home. Most…

Read More
August 6, 2020

Navigating Financial Uncertainty

Here at Marine Credit Union we know times might be hard right now but we’re here to help! Download our free guide to Navigating Financial…

Read More
January 8, 2021

Credit Reports 101

Confused by your credit report? Review the five areas below that affect your credit report/score and the tips to bring your score up.

Read More

Disclosures

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.