It’s always smart to have a Plan B.
You have dreams for you and your family—a bigger house, a new SUV, college for your kids, a full, satisfying retirement. But have you considered how you or your family would cover your financial obligations, specifically loan payments, if you had an accident or became ill or disabled? Our Payment Protection program of coverage options can come to the rescue when the unexpected (and unthinkable) happens.
Here’s an overview of the different packages offered by Payment Protection*:
Life Protection Package
Pays your remaining loan balance, up to the agreement maximum, should you die from illness or injury before paying off your loan.
Disability Protection Package
If you become disabled due to an illness or injury, Payment Protection covers your monthly loan payments, up to the agreement maximum.
Transitional Loss of Life & Disability Package (Home Equity Loans only)
Pays your monthly loan payment, up to the agreement maximum, should you die from a protected illness or injury before paying off your loan.
Life & Disability Package
Pays your eligible loan balance, up to the agreement maximum, should you die before paying off your loan, or covers your monthly loan payment should you become disabled from an illness or injury before paying off your loan.
Out-of-Work Protection Package
If you become involuntarily unemployed, Payment Protection will cover your monthly loan payment, up to the agreement maximum.
Pays your eligible loan balance, up to the agreement maximum, should you die before paying offer your loan. It also covers the monthly loan payment should you become disabled due to illness or injury, become involuntarily employed, or have to leave work due to family leave.
With Payment Protection, you only buy enough protection to cover your loan balance. Tying protection directly to your loan means you’ll have exactly the right amount of protection—no more, no less—and that saves you money.
Other benefits include:
- Helps protect your family, collateral and credit rating
- Simple eligibility requirements
- Fast, easy enrollment
- Immediate enrollment for eligible borrowers
- The convenience of having the premium included in your monthly loan payment
You can count on Payment Protection to step in when you and your family need help the most. And that means your dream can go on—even when your income doesn’t.
You can enroll in payment protection at the time you apply for a CU of NJ loan or to cover current CU of NJ loans. For more information about Payment Protection, ask your loan officer or refer to your Member Agreement for details.
This is a summary of our Debt Protection program. Enrollment in the program is voluntary and not required to obtain by law. Payment Protection is a debt cancellation product available through Credit Union of New Jersey. Please contact your CU of NJ loan representative for additional information on benefit maximums, eligibility, and limitations.