Payment protection can help you be prepared for the unexpected. Protect your mortgage for your new home. Safeguard your line of credit for your growing business. Rest assured that your new car loan is safe. Whatever it is, payment protection helps you protect the things that matter to you: your credit rating, your savings and retirement, your home, your family.
Protect your home and your family’s lifestyle
Your home may be your largest investment. With mortgage protection, you can protect your family financially for less than you think. Mortgage protection helps cover payments because of financial hardship due to a disability, critical illness, death, or involuntary loss of employment.
- Life/critical Illness: Pays your mortgage’s outstanding balance up to $1,000,000.
- Total disability: Pays your payments up to $3,000 per month for a maximum of 24 months.
- Involuntary Loss of employment: Pays your payments up to $3,000 per month for a maximum of 9 months.
Maintain a good credit score, while protecting your family’s future
Loan and line of credit protection helps cover your monthly payments during a challenging time. Plus, it could protect your credit rating and future borrowing power.
Payment protection for loans
We cover your loan in the event of total disability, critical illness, or death.*
- Life: Pays your loan to a maximum of $90,000 and up to 180 months to age 75.
- Total disability: Pays monthly payments to a maximum of $1,500 up to the maximum benefit period (depending on the credit union) and up to age 75.
- Critical illness: Pays your loan up to $90,000 with a maximum term of 180 months up to age 75.
*Contract limits vary. Talk to financial partner for more information.
Payment protection for lines of credit
We cover your revolving line of credit on a monthly basis in the event of total disability, critical illness or death.
- Life: Pays the outstanding balance up to $1,000,000 and up to age 75. If you apply for coverage after you turn 65, the maximum coverage is $100,000.
- Total disability: Pays 3% of your balance, up to $3,000 for a maximum of 60 months up to age 75.
- Critical illness: Pays the outstanding balance up to $1,000,000 and up to age 75. You can apply for coverage up to age 59.
Protect what you’ve worked hard to build
Business line of payment protection ensures your family, and your business are protected against unforeseen debt repayment in the event of your death.
We pay a life insurance benefit equal to your line of credit to a maximum of $2 million up to age 75 in the event of death, subject to the conditions of your policy.
Protect your credit rating and future borrowing power
To keep your overall financial health intact, get all-round balance protection that’s affordable and convenient to protect you and your family, financially. Credit card balance protection pays off your outstanding credit card balance – when you can’t – after an unexpected event, such as a critical illness, an accident, disability, involuntary loss of employment and more.