MemberGuard Debt Protection

Life is unpredictable. You may worry about unexpected, real-life events that could leave you scrambling to pay your monthly bills. MemberGuard Debt Protection can help relieve financial pressure in the event of death, disability or involuntary unemployment.

With MemberGuard Debt Protection, your loan balance or monthly loan payments will be canceled without penalty or added interest. You benefit from the peace of mind knowing you and your credit rating are protected.

Unique protection each member can count on

MemberGuard Debt Protection is designed to provide for our members’ individual financial security. That’s why we’ve made it possible to select any combination of death, disability and involuntary unemployment coverage that makes sense for you and your family. MemberGuard Debt Protection plans are also available in single and joint protection. Rates are calculated based on your current loan amount, whether you have a consumer loan or home equity loan.

Availability

MemberGuard Debt Protection is available for:

  • Consumer Plans – Closed-end consumer loans, open-end consumer credit plans and unsecured lines of credit and credit cards.
  • Home Equity Plans – Home Equity line of credit (HELOC) and fixed term second mortgages.

Eligibility

There are eligibility requirements, conditions, and exclusions that apply to this program. Please contact us for additional details about the MemberGuard Debt Protection program.

Definitions of coverage

  • Death – Give your family time to get back on their feet financially. Cancels the remaining loan balance as of the date of death (up to $75,000).
  • Disability – Help avoid bills piling up as you try to regain your health and earning capacity. Use this benefit as a supplement to any disability coverage you may have at work (which usually only covers 60 percent of pay). Cancels payments for as long as the protected borrowers are disabled (maximum aggregate benefit of $75,000 and up to $1,000/month).
  • Involuntary Unemployment – Ensure that one of your major monthly expenses will be taken care of as you search for new employment. Cancels up to six payments per occurrence (up to $1,000/month); a maximum of nine payments canceled over the term of the loan even if multiple events occur.

Cancel any time

You may cancel MemberGuard Debt Protection at any time. If you do so within the first 30 days, we will refund any fees already paid.

A benefit for you

We’ve designed our MemberGuard Debt Protection program to fit the times we live in today. More than ever, we all worry about things that might happen tomorrow. MemberGuard Debt Protection provides an important sense of financial security – knowing your loan will not become a burden to you in times of hardship.

Please call our Financial Solutions Center or stop by a branch to talk with one of our representatives regarding our MemberGuard Debt Protection program in more detail. Click here to calculate your loan payment.


Disclosures

This product is optional
Your purchase of MemberGuard Debt Protection is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us.

Additional disclosures
We will give you additional information before you are required to pay for MemberGuard Debt Protection. This information will include a copy of the contract containing the terms and conditions of MemberGuard Debt Protection.

Eligibility requirements, conditions, and exclusions
There are eligibility requirements, conditions, and exclusions that could prevent you from receiving MemberGuard Debt Protection benefits. You should carefully read your MemberGuard Debt Protection contract for a full explanation of the terms and conditions of the MemberGuard Debt Protection program.