Member’s Choice Payment Protection
Maintaining a strong credit rating is essential to long-term financial success. Yet relatively small, unexpected expenses, such as a car repair or replacing a broken appliance, can be a hardship for many families without savings. When faced with a hypothetical expense of $400, only 59 percent of adults in 2017 say they could easily cover it, using entirely cash, savings, or a credit card paid off at the next statement.* With so many living near the edge, any disruption to household income due to death, injury, illness, or job loss can push us into a financial crisis, quickly resulting in higher credit costs and lower credit availability.
Your Credit Union is pleased to introduce Member’s Choice Payment Protection, a comprehensive program that can protect your ability to timely repay your loan obligations, when the unexpected occurs. Life PLUS protects your loan in the event of the death of a protected borrower. The "PLUS" part adds protection for life events such as accidental dismemberment, terminal illness, hospitalization, family medical leave and the loss of life of a non-protected dependent. Disability protection provides loan payment coverage when a protected borrower becomes ill or injured and is unable to work. Involuntary Unemployment provides protection if a protected borrower suffers an unexpected job loss.**
Payment Protection is now available on all consumer loans, credit cards and home equity lines of credit offered by the Credit Union as of January 1st, 2019. If you have an existing loan and would like to add Payment Protection, please contact a loan representative today.
As we progress into 2019, your Credit Union has many new enhancements planned for its lending program. In addition to Payment Protection, plans include a new online and mobile loan application that will provide instant loan decisions, home equity program enhancements and a new loan delivery process. "We are constantly seeking improvement in how we support the borrowing needs of our members. From application to loan servicing, we strive to provide greater efficiencies and added protections" shares Susan Clark, VP Loan Operations. "I am excited for the many changes to come in the new year!"
