Payment Protection coverage helps relieve financial stress and worry related to loan payments when life takes an unexpected turn. In the event of your death or a disability that leaves you unable to work protect your loan(s)with optional Credit Life and Credit Disability Insurance offered by Financial One Credit Union.
In the event of death the payment protection pays your covered loan balance, up to $30,000. Your monthly payments are made for you in the event you become disabled during the term of your loan, up to $750 monthly. The cost of coverage(s) is based on the monthly outstanding loan balance and is included in your monthly loan payment.
Other Benefits of Credit Life and Credit Disability Insurance:
- Helps protect the lifestyle and dreams of you and your loved ones
- Helps protect your credit rating and the assets that secured your loan
- Offers the convenience of including protection with your loan
- Provides coverage at group rates that are the same for every eligible borrower
- Requires no physical exams or complicated enrollment forms