What is Debt Protection?
Debt Protection is an agreement between you and the credit union that if you die, become involuntarily unemployed, take unpaid family leave or become disabled, Debt Protection may cancel, postpone, or suspend the principal and interest (or interest only) portion of the your debt up to the benefit maximum.
How does Debt Protection help me?
With Debt Protection, if the unexpected were to occur you would be able to:
- Keep paying bills - If income is lost or reduced during times of financial hardship, payments are cancelled or reduced, freeing up income to pay other household bills
- Save financed assets - Help preserve a family's standard of living, keeping your savings from being depleted, and saving your financed assets
- Maintain your credit rating - Help protect your credit rating by ensuring loan payments are made on financed assets and the ability to get future credit is not compromised
How much will it cost me?
Use these easy calculators to determine the approximate costs of Debt Protections on your loans
- Debt Protection Consumer Loan Calculator (signature loan, share secured, new & used vehicle, new & used Motorcycle, new & used Motorhome).
- Debt Protection Credit Card (VISA Classic and Platinum VISA)
- Debt Protection Home Equity
We make it easy and flexible for you.
- Enrollment for protection can occur any time during the loan, but preferably when the loan is first financed offering maximum protection.
- No need to ask health questions (although these are available)
- Acts of War for death and disability are protected
- No maximum monthly payment limitation
- No maximum loan duration limitation