Debt Protection

What is debt protection?

We can’t predict what life has in store, but we can take steps to protect against the unexpected. In the case of death, disability, or involuntary unemployment our debt protection program may cancel your monthly loan payments or even the loan balance without penalty or added interest.

Debt Protection (DP) Event Options and Cost

 LifeDisabilityInvoluntary UnemploymentDP Fee is per $1,000 of the Monthly Outstanding Loan Balance
Option 1YesYesYesSingle: $3.26

Joint: $5.29
Option 2YesNoYesSingle: $2.44

Joint: $4.10
Option 3YesYesNoSingle: $3.09

Joint: $5.18
Option 4YesNoNoSingle: $0.78

Joint: $1.31
FFCU offers a variety of event options at different price points. You may add these options to your closed-end & open-end consumer loans, your Home Equity Line of Credit (HELOC), and credit cards.

Cancel at any Time
You may cancel the Debt Protection coverage at any time. If you cancel within the first 60 days, we will refund any fees already paid.

Click the Key Term for a Full Description

Life Debt Protection Coverage

Life Debt Protection provides a protected payment to First Financial Credit Union to cancel all or part of the credit obligation in the event of a protected death during the term of Debt Protection coverage. (Available with all Options)

Limits:

  • Maximum Protected Balance per Loan – $100,000
  • Maximum Term of Coverage – 120 Months

Disability Debt Protection Coverage

Disability Debt Protection provides for cancellation of monthly payments to First Financial Credit Union in the event you become disabled as a result of an eligible sickness or injury during the term of Debt Protection coverage. (Available with Options 1 & 3)

Limits:

  • Maximum Protected Balance per Loan – $24,000
  • Maximum Number of Protected Monthly Benefits – 12 per Occurrence / 24 per Loan
  • Maximum Protected Monthly Benefit – $1,000

Involuntary Unemployment (IU) Coverage

IU Debt Protection provides for the cancellation of monthly payments to First Financial Credit Union in the event you become involuntarily unemployed during the term of Debt Protection coverage as a result of layoff, general strike, termination by employer, unionized labor dispute, or lockout. (Available with Options 1 & 2)

Limits:

  • Maximum Protected Balance per Loan – $6,000
  • Maximum Number of Protected Monthly Benefits – 6 per Occurrence
  • Maximum Protected Monthly Benefit – $1,000

Benefits of Debt Protection

  • Convenient – The cost of coverage is included in the monthly payment
  • Helps reduce financial burden
  • Provides coverage even when other insurance is in force and at a time when income might be reduced and expenses higher

Ready to sign up?