Our credit insurance payment protection is there for you and your family if you pass away or become totally disabled.
The Payment Protection Plan has two different types of coverage available.
The Death Benefit: This protects your family in the event of your death.
The Disability Benefit: This benefit protects you and your family if you become totally disabled through accident or sickness.
The Payment Protection Plan is credit life insurance that supplements your other insurance programs. It’s meant to cover your specific indebtedness, and provides a death benefit equal to your remaining payment due. Other insurance that you’ve provided for your family or business is then left intact, and can take care of needs as planned.
A totally debilitating accident or sickness can occur without warning, but your Payment Protection Plan will take over (after a short initial waiting period) and make the loan payments for you. It will keep making those payments for you for as long as you’re totally disabled and still carry a balance on the debt.
The Payment Protection Plan is there for you when you need it most:
Anyone in good health who takes out a loan is eligible, as long as they are within the age limit described in the policy.
Payment is made immediately after proof of your death is received. In the case of total disability, payments begin as soon as the company receives and approves the proof of disability subject, to the waiting period defined in your policy.
Until the final payment is made, or until your total disability ends – whichever occurs first.