Payment protection is a low cost way to ensure your loan payments are made if you unexpectedly get hurt or sick, pass away or lose your job. You and your family will have peace of mind knowing that your loan obligations won’t become a financial burden if something happens to you.
- Death — Give your family time to get back on their feet financially.
- Disability — Help avoid bills piling up as you try to regain your health and earning capacity.
- Involuntary unemployment — Ensure that one of your major monthly expenses will be taken care of as you search for new employment.
For just pennies on the dollar, payment protection is affordable. Unlike many other other types of coverage, the cost of payment protection is based on the declining balance of your loan principal and is included in your monthly payments. That way you pay as you go and as you need.