Debt Protection is a program that can pay off a loan balance or assist in making loan payments if a protected event were to occur. These events can include death, disability or involuntary unemployment. This coverage is offered for all loan types except for Home Equity Line of Credit (HELOC), Line of Credit (LOC) and our first mortgages.
Debt Protection Contact
- 800-826-9384 Ext 56260 (Chris Wiedmeyer with Allied Solutions)
Debt Protection Coverage
- Death – covers a member’s loan balance up to $75,000 if they were to pass away.
- Disability – If a member were to become sick or injured and out of work for longer than 14 days, it cancels up to 12 payments on a loan with a max coverage of $1,000 a month or $15,000 for the loan.
- Involuntary Unemployment – If a member were to become involuntary unemployed, it cancels up to three payments with a max coverage of $1,000 a month or $15,000 for the loan.
Debt Protection Eligibility Requirements
- Must answer a medical question to ensure eligibility.
- Must be under the age of 70.
Benefits
- Offers you peace of mind by knowing you are protected if an unexpected life event were to happen.
- Saves you money if a life event does happen.