Debt Protection

Debt Protection

Thinking about taking out a loan to make home improvements or buy a vehicle? It can be a financial gamble because life happens. You’re betting you can pay back your loan and that you won’t lose your job, become disabled, or pass away – leaving your family responsible for your loan balance.

Debt Protection is a voluntary loan-payment protection plan that helps preserve your family’s standard of living and offers relief from financial burdens if a protected life event such as disability, loss of life, employer-approved family leave, or involuntary unemployment happens to you.

Talk to a member of our team to find out how you can add Debt to a new or existing loan.

Benefits of Debt Protection

Convenient – The cost of coverage is included in your monthly payment.

Easy to acquire at an affordable cost.

Coverage begins immediately.

Helps cancel/wave your monthly payment at a time when your income might be reduced and your expenses higher.

Helps reduce your financial risk.

Provides peace of mind to you and your family.

How to Apply

To add Debt Protection to a new or existing loan, talk to one of our loan officers by calling 773-565-2000 or stopping in at a branch.

 

Your purchase of Debt 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 loan representative, or refer to the Member Agreement for a full explanation of the terms. 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.