What would happen to your finances if you lost your job, became disabled, or worse? Keep the financial and emotional burden off your family with MemberGuard Debt Protection by canceling your loan balance or monthly loan payment without penalty or added interest.
Select any combination of death, disability and involuntary unemployment coverage that fits you and your family, including single or joint protection. Your rate for coverage depends on the type of loan you want to protect and how much you still owe on it.
To qualify, you must meet certain requirements that our representatives will explain when you contact us.
Choose from two MemberGuard Debt Protection plans:
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.
Definition 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.
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.
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.