GAP covers the deficiency balance on your loan in the event of a total loss.
Credit Protection protects your family's financial future.

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Credit Protection Home    Credit Insurance Frequently Asked Questions
What is Payment Protection?
Payment Protection Insurance, also known as Credit Insurance, is really two types of insurance - Credit Life and Credit Disability.

Credit Life Insurance is designed to pay off or reduce the insured balance of your loan if you die during the term of the loan.

Credit Disability Insurance is designed to pay your loan payments (up to the contract limit) if you become ill or disabled and are unable to work at any time during the term of the loan.
Is Payment Protection available on all loans?
Payment Protection is optional and. depending on your financial institution's loan offerings, may be available for purchase on installment loans, lines of credit, credit card loans and certain types of real estate secured loans. If both you and your spouse are named on the loan application, check with your financial institution to see if joint credit life and joint credit disability insurance are available.
What are the benefits of Payment Protection?
Payment Protection protects your credit rating by ensuring your loan will not end up in default, in the event of your disability or death. This reduces the financial burden on your family.
How does the cost of Payment Protection compare with other insurance?
Payment Protection rates are established by each state and generally result in reasonable, monthly premiums. Rates vary from state to state and the actual cost of your particular coverage depends on where you live, your loan amount, and the coverage selected. Your financial institution has specific rate information.
Who is eligible to apply for Payment Protection?
You can usually obtain Payment Protection up to the age of 65 and even up to age 70 in some states. Also, a medical exam is usually not required, although, general health questions may be asked.
How do I purchase Payment Protection coverage?
Application is simple. You can apply for Payment Protection during the loan application process and your insurance becomes effective as soon as your loan is finalized. If you do not sign up for Payment Protection coverage at the time of the loan application, you can do so at any time after your loan closing. However, once your loan has been in place for over 30 days, you'll have to provide evidence of good health in order to receive coverage.
I already have life insurance and disability insurance through my work. Why should I purchase this insurance?
Payment Protection may be an effective way to supplement the other life or disability insurance you carry. Disability coverage through work is often not enough. Employee benefit specialists say that most short-term benefit plans only cover 60 percent of take-home pay for up to six months. (Check with your employer to determine if you have any current short-term or long-term disability benefits.)
Am I obligated to purchase the coverage if I apply now?
Payment Protection insurance comes with a 30-day no obligation policy. That means when you apply for Payment Protection coverage, you have 30 days to review your plan to make sure it lives up to your expectations. If you decide you don't want the coverage, you can cancel it without obligation and any premiums paid will be refunded.
Can Payment Protection be required on some loans?
Payment Protection is optional coverage and lenders generally do not require loan protection. However, a lender may require insurance as additional security for the loan. If insurance is required, you can purchase it from any one you choose or provide other coverage that is acceptable to the lender.
How would I file a claim?
Filing a Payment Protection Insurance claim is easy. Upon the occurrence of a covered event, contact your loan representative at your financial institution. Your loan representative will complete the loan information on our claim form and send it to you with instructions on how to complete the form. You can return the completed form and any supporting documents to your financial institution (we recommend this approach) or directly to Minnesota Life at the address listed on the claim form. Unless your claim is contested, we will process your claim within 5 to 7 days after receipt. When processed, the claim amount will be credited to your loan.
Who underwrites the Payment Protection insurance explained on this web site?
The insurance referred to in this web site is underwritten by Minnesota Life Insurance Company. With more than $500 billion of life insurance in force, Minnesota Life is highly rated by the major independent rating agencies that analyze the financial soundness and claims-paying ability of insurance companies. Visit Minnesota Life's web site for more information about the rating agencies and to see where Minnesota Life's rating ranks relative to other ratings.
Have other questions?
If you have additional questions about Payment Protection, talk to your loan representative or call Minnesota Life toll-free at 1-800-452-4521.
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