What does payment protection on home equity loans cover? - Veridian

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What does payment protection on home equity loans cover?

Home Equity Protection for Protected Events
  • Can protect the first two borrowers listed on the lending agreement.
  • Protection for loss of life, disability, and involuntary unemployment.
  • Cancels up to 3 monthly payments up to a maximum of $3000, for qualifying hospitalization, family medical leave or loss of life of a non-protected dependent occurs.
  • Cancels loan payments up to 12 payments or up to a maximum of $12,000 in the event of death, terminal illness or accidental dismemberment up to the end of the month during which you reach age 70; after the end of the month during which you reach age 70, 25% of the balance is canceled, up to 12 payments or up to a maximum of $3,000.
  • Provides up to 12 months or a maximum of $12,000 of disability protection.
  • Provides up to 6 months or a maximum of $3000 of involuntary unemployment protection.

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