Protect yourself and your family with Debt Protection.
Debt protection is a simple, cost-effective way to cancel your loan balance or reduce your monthly payment if you become disabled, unemployed or pass away. It helps relieve the financial stress for you and your loved ones if life takes an unexpected turn.
All consumer loans up to $30,000 for members 69 and younger are covered at no extra cost under an automatic life insurance policy*!
*Restrictions may apply
What is covered?
Depending on the plan you select, our debt protection plan cancels your outstanding balance if you pass away or your monthly payments for a specified period if you become disabled or involuntary employed.
Loss of life: Cancels the outstanding loan balance up to a specified dollar amount
Disability: Cancels up to a specific number of monthly payments
Involuntary unemployment: Cancels up to a specific number of monthly payments
All benefits are subject to plan specific maximums. Connect with your loan officer to learn more about specific coverage details
Why debt protection might be right for you.
Helps protect your credit rating so you don’t default on a loan
It’s convenient, the cost of coverage is included in your monthly payment
Reduces your financial risk so your family can focus on what matters most
Who is eligible?
You must meet the following to qualify for debt protection:
Under 70 years old
In the last two years, you haven’t been advised of, or treated for, or taken any medication for heart attack (or other heart disease or disorder), coronary artery disease, cancer, stroke, cirrhosis, AIDs, or had a positive HIV test
Presently working 25 hours or more per week
Not self-employed
What else should I know?
A few key points of debt protection.
This is entirely optional coverage, and it won’t affect your application for credit
You can cancel anytime. If you cancel within 30 days, any fees paid will be refunded
Involuntary unemployment that occurs within 90 days after enrollment will not be covered
Coverage details, benefit maximums and exclusions are outlined in the sample addendum (PDF)
Loss of life: Katherine’s story
Katherine was 57 when her husband unexpectedly passed. They had just purchased a new vehicle and with their primary income source gone, Katherine was concerned about covering the loan payments. Debt protection canceled the remaining loan balance as of the date of her husband’s death, which helped alleviate Katherine’s concerns and allowed her to focus on what really mattered.
Job Loss: Adam’s Story
Adam had worked for a technology company for over ten years and received three different promotions along the way. He felt confident about his career and his continued advancement with the company. An uncertain economy triggered layoffs, and he found himself unemployed for the first time in his life. During a challenging time, debt protection ensured that up to six loan payments would be taken care of while he searched for a new position — allowing him to reallocate funds for other needs and protected his credit rating.
Disability: Miguel’s story
When Miguel was injured and went on disability, he worried about how he would support his family’s financial needs. Debt protection covered his loan payments for the six months he was out of work. By reducing the financial burden on his family, Miguel was able to focus on his health.
Protection Contact Form
Learn how you can help ease your worries and protect your finances with debt protection.
Disclosures:
This product is optional Your purchase of 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 debt protection. This information will include a copy of the contract containing the terms and conditions of debt 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. The Contractual Liability Policy is issued by Securian Casualty Company, a New York authorized insurer. Minnesota Life Insurance Company acts as the administrator of the debt protection program. Product availability and features may vary by state. Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company is a subsidiary of Securian Financial Group, Inc