How Payment Protection Works

Payment Protection can help relieve financial pressure in the event of death, disability or involuntary unemployment. With Payment Protection, your loan balance or monthly loan payments may be cancelled without penalty or added interest. You benefit from the peace of mind knowing you and your credit rating are protected.

Availability and Eligibility

Payment protection is available for closed-end consumer loans, multi-featured consumer lending plans and consumer lines of credit (open-end loans), consumer credit cards and home equity line of credit plans. There are eligibility requirements, conditions and exclusions that apply to this program. Please contact us at 800.562.0999 or visit a branch for additional details about the Payment Protection program.

Definitions of Coverage

Death and Terminal Illness

Give your family time to get back on their feet financially.

  • Consumer Loan Plans 1-3 – Cancels loan balances as of date of death (maximum cancellation of $75,000).
  • Home Equity Plans 1-3 – Cancels loan balances as of date of death (maximum cancellation of $75,000).
Disability

Help avoid bills piling up while you regain your health and earning capacity. Use this benefit as a supplement to any disability coverage you may have at work (which usually only covers 60 percent of pay).

  • Consumer Loan Plans 1 and 2 – Cancels up to six payments per occurrence (maximum aggregate benefit of $15,000 over the term of the loan per borrower).
  • Home Equity Plans 1 and 2 – Cancels up to six payments per occurrence (maximum aggregate benefit of $18,000 over the term of the loan per borrower).
Involuntary Unemployment

Ensure that one of your major monthly expenses will be taken care of as you search for new employment.

  • Consumer Loan Plan 4 – Cancels up to six payments per occurrence (maximum aggregate benefit of $15,000 over the term of the loan per borrower).
  • Home Equity Plan 4 – Cancels up to six payments per occurrence (maximum aggregate benefit of $18,000 over the term of the loan per borrower).

Choose from the eight plans listed below:

Plan Option Death & Terminal Illness Disability Involuntary Unemployment Blended: Rate Per $1,000 of Outstanding Loan Balance
Consumer Loans
1 x x x $4.08
2 x x $1.54
3 x $0.83
4 x $2.83
Home Equity Lines of Credit
1 x x x $2.72
2 x x $1.48
3 x $1.17
4 x $1.24
Cancel Any Time

You may cancel Payment Protection at any time by visiting your nearest branch or calling us at 800.562.0999. If you do so within the first 30 days, we will refund any fees already paid.

Need to File a Claim?

Give us a call or come in. We'll gather some basic information about the claim and take it from there.

This Product is Optional

Your purchase of payment protection is optional. Your decision on whether or not to purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us.

Terms and Conditions

We will give you additional information before you are required to pay for Payment Protection. This information will include a copy of the contract containing the terms and conditions of Payment Protection.

Eligibility Requirements, Conditions and Exclusions

There are eligibility requirements, conditions and exclusions that could prevent you from receiving Payment Protection benefits. You should carefully read your Payment Protection contract for a full explanation of the terms and conditions of the Payment Protection program.