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


Credit Insurance protects your credit rating by ensuring your loan will not end up in default in the event of your disability or death.

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Credit Protection Home    Credit Insurance Features & Benefits
Covers Many Loan Types

Credit Insurance (also known as Payment Protection) is available on installment loans, lines of credit, credit card loans and certain types of real estate secured loans.

Two types of Payment Protection:

Credit Life Insurance pays off or reduces a borrower's loan balance if the borrower dies. Joint Credit Life Insurance protects both a borrower and co-borrower if both are named on the loan application and are jointly and individually liable under the loan.

Credit Disability Insurance is designed to make loan payments (up to the contract limit) if the insured becomes disabled and unable to work. Joint credit disability coverage is only available in certain states.
Features
  • Single and joint coverage is available in all states for credit life insurance. Single coverage is also available in all states for credit disability insurance.
  • A medical exam is usually not required although general health questions may be asked.
  • Premiums are regulated by each state and generally result in reasonable monthly premiums.
  • Available on installment loans, lines of credit, credit card loan and certain types of real estate secured loans.
  • Benefits
  • Protects financial security and credit rating: Credit disability insurance protects a borrower's credit rating by ensuring the loan will not end up in default in the event of disability.
  • Reduced financial burden: Protects borrowers and their families from financial hardships as a result of loss of income caused by death, illness or injury.
  • Protects borrower assets: Allows borrowers and families to retain their assets, including the collateral and savings, when an income is interrupted during unfortunate circumstances.
  • Convenient: A short application makes it is easy to apply at time of loan application or loan closing. The monthly premium is included in the loan payment.
  • No Obligation for 30 Days: If the borrower decides the plan is not what they need, they can cancel it within 30 days without obligation. Rarely does this occur, but borrowers appreciate knowing that they have this option.
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