Protect yourself and your family with Loan Protection
Loan Protection is a simple, cost-effective way to cancel your loan balance or reduce your monthly payment if you become disabled or pass away. It helps relieve the financial stress for you and your loved ones if life takes an unexpected turn.
Depending on the plan you select, our loan protection plan cancels your outstanding balance if you pass away or lowers your monthly payments for a specified period if you become disabled.
Why Loan Protection might be right for you
- Helps protect your credit rating so you don’t default on a loan
- It’s convenient, the cost of coverage is included in your monthly payment
- Reduces your financial risk so your family can focus on what matters most
What is covered?
- Loss of life: Cancels the outstanding loan balance up to a specified dollar amount.
- Disability: Cancels up to a specific number of monthly payments.
All benefits are subject to plan specific maximums. Connect with your loan officer to learn more about specific coverage details.
What else should I know?
A few key points of Loan Protection
- This is entirely optional coverage, and it won’t affect your application for credit
- You can cancel anytime. If you cancel within 30 days, any fees paid will be refunded
Members who are interested in Loan Protection often purchase GAP and Extended Warranties offered by SWACU.
GAP: Guaranteed Asset Protection is an optional coverage that can protect you when you need it most. If your vehicle is seriously damaged or stolen and your insurance company does not pay the entire balance, GAP may cover the rest.
Disclosures:
This product is optional
Your purchase of Loan 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 Loan 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 Loan Protection benefits. You should carefully read your Loan 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 Loan 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.
Questions?
If you have any questions, please don’t hesitate to contact us at 1 (800) 262-5325.
