Consumer Loan Payment Protection

Your financial safeguard against the unexpected.

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Life can take some unexpected turns. That’s why there’s Payment Protection with Life Plus.

Financial protection for the unexpected
Preserve your standard of living
Get peace of mind you deserve
Voluntary and budget-friendly

Financial Protection for the unexpected – protect the ones that matter most. Payment Protection with Life Plus could help your family’s financial situation against a variety of covered life events:

  • Involuntary Unemployment
  • Disability
  • Death

For additional protections, Life Plus can extend your Payment Protection with Life Plus to address a wide range of circumstances, giving you the reassurance of knowing you’ve taken steps to help secure your finances.

  • Accidental dismemberment
  • Terminal illness
  • Hospitalization or family medical leave
  • Death of a non-protected dependent

Take an important step toward financial security.

Ask WESTconsin about Payment Protection with Life Plus today.

WESTconsin Credit Union serves members in Wisconsin and in Minnesota. Find a location near you.

Frequently asked questions

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The fee is specific to the amount and term of your loan and the protection package you select. Protection ends when the loan is repaid.

  1. Helps protect you and your family against financial hardship should the unexpected occur
  2. Helps protect your good credit rating and loan collateral
  3. Reduces the financial burden on your family should you die, become disabled, or lose your job
  4. Easy enrollment, simple eligibility requirements, and fees are included in monthly loan payment
  5. Immediate enrollment for eligible borrowers
  6. Can protect up to two borrowers per loan

Employer disability benefits packages may cover only a portion of your salary or offer no protection at all. Could you meet all your obligations on your employer’s disability benefits if you were off work due to illness or injury for more than a month?

Lifestyles and budgets become accustomed to two incomes when there are two breadwinners in the household. Are you willing, or financially able, to live without one of the incomes for three or more months? If one income is larger than the other, would the smaller income be enough to meet the basic living expenses of you or your family?

No; Enrollment procedures and eligibility requirements are simple and part of the loan process. In most cases, there’s no medical screening.

According to the Council for Disability Awareness, Long-Term Disability Claims Review (2014):

  • Less than 5% of disabling injuries and illnesses are work related
  • 90% of disabilities are caused by illnesses (cancer & musculoskeletal disorders being the leading causes) rather than by accidents.

Contact your local credit union office. We will assist you by initiating the claim with TruStage.

Your purchase of Payment 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 Payment Protection Contract for a full explanation of the terms of Payment Protection. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid. DP-955560.1-0614-0716

According to LIMRA, “Facts About Life 2013” (2013), 50% of U.S. households (58 million) say they need more life insurance.

When eligible debt is protected with payment protection, other life insurance can pay for other important things. Payment Protection can help provide your family financial freedom when they need it most.

56% of workers don’t have a financial plan to handle the unexpected. Of those who do, 27% have less than $500 in savings for emergency expenses (2012 Aflac Work Forces Report, 2014)

30% of U.S. households have no life insurance at all; only 44% have individual life insurance (LIMRA Facts About Life 2013, 2013)

Long-term unemployment (those jobless for 27 weeks or more) has accounted for more than one-third of the total unemployment since July of 2009 (Bureau of Labor Statistics, Databases, Tables and Calculators by Subject, June 2013)

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