When you take out a loan to finance a special purchase, make home improvements, or buy a vehicle, you’re counting on being able to make your loan payments. You’re not expecting the unexpected to happen.
But what if you lose your job, become disabled, or pass away? Delinquent payments and defaulted loans could cause you to lose your assets, negatively impact your credit rating, or cause financial distress for your family.
Don’t take a gamble financially. Hedge your bets by protecting your finances and credit rating with MEMBER’S CHOICE™ Borrower Security.
- Available for consumer and home equity loans from Interior FCU
- Easy enrollment and simple eligibility requirements
- Protection on loans with terms of more than 12 months
- No eligibility age limits
- 25 hour workweek minimum
If a protected life event happens (and you’re a protected borrower or co-borrower on the Interior FCU loan), MEMBER’S CHOICE™ Borrower Security will cancel or reduce repayment of your loan debt. You may enroll at any time.
Protected events include:
- Accidental dismemberment, terminal illness, hospitalization, family medical leave, and the loss of life of a non-protected dependent
- Death – Protected borrower passes away
- Disability – Covered disability occurs due to injury or illness
- Involuntary unemployment – Covered job loss occurs
Balance cancellation cancels a debt (up to the agreement maximum) if you die.
Payment cancellation cancels the principal and interest portions of your loan payment (up to the agreement maximum) if you die or become disabled or a victim to another covered event as such as involuntary unemployment. The amount is applied to the loan balance as if the payment has been made.
Interest cancellation defers the principal portion of a payment and cancels the interest portion up to the agreement limit (the loan balance does not decline). Program fees may or may not be waived under interest cancellation.
Payment postponement sometimes referred to as “skip payment” defers a payment (along with any program fees) and interest continues to accumulate and the outstanding balance increases. The fee is specific to the amount and term of your loan and the protection package you select. The fee is automatically scaled to the amount of protection you select since it is calculated against the outstanding loan balance. This protection is typically offered on open- and closed-end consumer loans, credit card balances and home equity/line of credit loans, second mortgages but NOT on first purchase mortgage and other similar real estate loans.
We offer Guaranteed Asset Protection and Mechanical Repair Coverage to help you avoid unexpected out of pocket costs in the event that your car is stolen, totaled, damaged, or requires repairs that are not covered by a warranty.
Protect yourself, your family, your vehicle and your home with insurance products at an affordable cost. As an Interior FCU member, you qualify for special credit union member rates!
For more information, please call us at 800-914-8619.
Your purchase of Debt Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of Debt Protection. Debt Protection contractual liability is underwritten by CUMIS Insurance Society, Inc., a member of the CUNA Mutual Group. NOT NCUA INSURED.