Life can be wonderful. but it can also get complicated when unexpected things happen. Protecting your loan balance or loan payments against death, disability, or involuntary unemployment could help protect your finances.
This protection could cancel your loan balance or payments up to the contract maximums.
Life Plus adds protection for life events such as accidental dismemberment, terminal illness, hospitalization, family medical leave, and loss of life of a non-protected dependant. Protect your loan balance or loan payments today so your family can worry a little less about tomorrow.
IN THE EVENT OF... | Death | Disability | Involuntary Unemployment |
WHAT HAPPENS... | Protected borrower passes away | A covered disability occurs due to injury or illness | A covered job loss occurs |
IT CANCELS THIS... up to the contract max |
Your payments or loan balance | Your loan payments | Your loan payments |
YOU MAY BE ELIGIBLE IF YOU... |
Have an eligible loan | Are a permanent employee who is actively working* |
- Are a permanent employee who is actively working* |
*Refer to the member agreement for a full explanation of terms and conditions.
The table below is intended to provide a general description of the optional protection program for consumer loans.
Protection for Consumer Loans | Life | Disability | Involuntary Unemployment |
---|---|---|---|
Type of Cancellation | Balance Cancellation | Payment Cancellation | Payment Cancellation |
Maximum Benefits | Up to $100,000 The maximum benefit will reduce at age 70 |
The earliest of 12 months or $12,000 per occurrence | The earliest of 12 months or $12,000 per occurrence |
Waiting Periods* | N/A | 30 Day Non-Retro for a Protected event |
30 Day Non-Retro for a Protected event |
Specified Period Limitation** | 6-month pre-existing condition limit |
6-month pre-existing condition limit |
3-month benefit exclusion from date of loan or advance |
Additional eligibility requirements, conditions, and exclusions apply. Refer to your member agreement for a full explanation of terms and conditions.
*With Retro plans, after satisfying the waiting period, benefits begin from the first day of loss. With Non-Retro plans, benefits begin after the waiting period has been satisfied. Refer to the Contract for complete details.
**Under the Contract terms, there are specific limitations for events that occur within a specified period immediately following the Effective Date of Protection for a loan or advance. Refer to the Contract for complete details.
Your purchase of Debt Protection with Life Plus is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan.