Protect What Matters with Debt Protection
Cancel or reduce your loan payments if life takes an unexpected turn, helping protect you and your loved ones.
What is covered?
Depending on your plan, debt protection cancels your loan balance if you pass away or covers payments for a set period if you become disabled or involuntarily unemployed:
- Loss of life: Cancels remaining balance (up to limits)
- Disability: Covers a set number of payments
- Involuntary unemployment: Covers a set number of payments
All benefits subject to plan maximums. Contact your loan officer for details.
Why consider debt protection?
- Helps protect your credit and avoid default
- Cost is included in your monthly payment
- Reduces financial risk for you and your family
Who is eligible?
You must:
- Be under age 70
- Have no recent (past 2 years) diagnosis or treatment for major conditions (e.g., heart disease, cancer, stroke, HIV/AIDS)
- Work at least 25 hours per week
- Not be self-employed
What else should I know?
- Optional coverage—does not affect loan approval
- Cancel anytime; full refund if canceled within 30 days
- Unemployment within 90 days of enrollment is not covered
- Full details, limits, and exclusions are in the addendum (PDF)
Contact us to learn more about how we can help ease your worries and protect your finances with debt protection.
Disclosures:
This product is optional
Your purchase of debt protection is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us.
Additional disclosures
We will give you additional information before you are required to pay for debt protection. This information will include a copy of the contract containing the terms and conditions of debt protection.
Eligibility requirements, conditions and exclusions
There are eligibility requirements, conditions and exclusions that could prevent you from receiving debt protection benefits. You should carefully read your debt protection contract for a full explanation of the terms and conditions of the debt protection program.
The Contractual Liability Policy is issued by Securian Casualty Company, a New York authorized insurer. Minnesota Life Insurance Company acts as the administrator of the debt protection program. Product availability and features may vary by state.
Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company is a subsidiary of Securian Financial Group, Inc.