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Do I need payment protection?

Payment Protection is a voluntary debt protection program that steps in when you and your family need help the most.

Payment Protection provides you with Life Plus, Disability, and Involuntary Unemployment packages that cancel debt if specified protected events occur, helping protect your consumer and home equity loans. With Payment Protection, you choose the right amount of protection no more, no less.

Other benefits include:

  • Simple eligibility requirements
  • Simplified enrollment
  • Immediate enrollment for eligible borrowers
  • Convenience of including in your monthly payment

Payment Protection Packages Available for Consumer Loans:

Gold Silver Bronze
Life Plus
Disability
Involuntary Unemployment
Life Plus
Disability
Life Plus


Consumer Loan 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 the loan balance up to a maximum of $100,000 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 a maximum of $25,000.
  • 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
Payment Protection Packages Available for Home Equity Loans:
Gold Silver Bronze
Transitional Life Plus
Disability
Involuntary Unemployment
Transitional Life Plus
Disability
Transitional Life Plus
 
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

Disclosure: Your purchase of Payment Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your Veridian Credit Union loan representative, or refer to the Member Agreement for a full explanation of the terms of Payment Protection. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid.
DP-1976142.1-1217-0120
 

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