DEBT PROTECTION PLUS
Does your family have a safety net if the unexpected hits?
Help protect your family against the unexpected.
Recently, we’ve experienced just how quickly life can change. We want to remind you that Excite Credit Union offers Debt Protection Plus – a solution to help you proactively safeguard what matters most. In the event of sickness, injury, loss of life, or involuntary unemployment, Debt Protection Plus can help you maintain your standard of living during uncertain times by protecting your finances.
Debt Protection Plus:
- Is a recommended, but completely optional loan product.
- Helps you stay out of debt when something unexpected occurs, like a job loss, illness or injury.
- On Consumer loans: pays up to 24 months of minimum payments and a maximum of $24,000, or
- On Credit Cards: Pays up to 24 months of payments at a minimum of $200 per month and a maximum of $24,000 Visa® credit cards.
- Home Equity Loans: pays up to 12 months of minimum payments and a maximum of $12,000
Please note: Home Equity protection can only be added at the time the loan is established. Debt Protection Plus added now will not cover current unemployment due to COVID-19, even after the 90-day waiting period.
If you are interested in adding Debt Protection Plus to your loan or Visa product or discussing your options in more detail, contact us today at 800.232.8669. We’re here to help.
Need to file a claim?
If you prefer, call 1.800.621.6323 and a CUNA Mutual Group Claims Specialist will guide you through the process.
Debt Protection FAQs
For Consumer Loans & Credit Cards:
- Option 1 | 0.449/$100 of balance
- LifePlus
- Sickness & Injury (Disability)
- Involuntary Unemployment
- Option 2 | 0.349/$100 of balance
- LifePlus
- Sickness & Injury (Disability)
- Option 3 | 0.149/$100 of balance
- LifePlus
For Home Equity Loans:
- Option 1 | 0.349/$100 of balance
- LifePlus
- Sickness & Injury (Disability)
- Involuntary Unemployment
- Option 2 | 0.299/$100 of balance
- LifePlus
- Sickness & Injury (Disability)
- Option 3 | 0.149/$100 of balance
- LifePlus
You must be working 25 hours or more per week for Options 1 & 2. Option 3 does not require employment.
You are free to change or cancel coverage at any time.
Consumer loans, Visa® credit cards and HELOC. Business and mortgage loans are not eligible.
You must have coverage for at least 90 days prior to the date of loss to file an Involuntary Unemployment or LifePlus claim. Coverage is effective immediately for Disability and Loss of Life claims, excluding cases resulting from a pre-existing condition
- In addition to protecting for loss of life, LifePlus will cancel the balance for eligible events related to: terminal illness and accidental dismemberment.
- In addition to protecting for loss of life, LifePlus will cancel payments for eligible events related to: hospitalization, family medical leave and loss of life of a non-protected dependent.