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Payment Protection - FAQs

2 minute read

What is Payment Protection?

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.

How do I know if my loan is eligible?

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. Contact us at 800.562.0999 or visit a branch for additional details. If you sign up for this program, please also read your contract carefully for a full explanation of the terms and conditions.

What types of coverage are there?

Death and Terminal Illness

  • 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

  • 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).
  • This benefit can be used to supplement to any disability coverage you may have at work (which usually only covers 60 percent of pay).

Involuntary Unemployment

  • 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:

Consumer Loans

Consumer Loan Options
Plan Option Death & Terminal Illness Disability Involuntary Unemployment Blended: Rate Per $1,000 of Outstanding Balance
Option 1Option 1 Included Included Included $4.08
Option 2Option 2 Included Included Not Included $1.54
Option 3Option 3 Included Not Included Not Included $0.83
Option 4Option 4 Not Included Not Included Included $2.83

Home Equity Lines of Credit

Home Equity Lines of Credit Options
Plan Option Death & Terminal Illness Disability Involuntary Unemployment Blended: Rate Per $1,000 of Outstanding Balance
Option 1Option 1 Included Included Included $2.72
Option 2Option 2 Included Included Not Included $1.48
Option 3Option 3 Included Not Included Not Included $1.17
Option 4Option 4 Not Included Not Included Included $1.24

Can I cancel coverage if I change my mind?

You can 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.

How do I file a claim?

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

Am I required to buy Payment Protection?

No – it’s completely optional. Your decision will not affect your application for credit or the terms of any existing credit agreement you have with us.

Where can I find the Terms and Conditions?

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

Your perspective is important to us and helps us see where we’re hitting the mark and where there might be areas to improve.