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take control of debt

debt protection

members choice borrowers security | protect your plan

Whether you're taking out a loan to make home improvements or buy a vehicle, it can be a financial gamble because things happen…life happens. You’re betting you can pay back your loan and you won’t lose your job (through no fault of your own), or become disabled (due to injury or illness), or pass away, which could leave your family responsible for your loan balance. Life events can cause financial hardship, making bill-paying difficult. You don't want delinquent payments and defaulted loans to cause you to lose your assets, negatively impact your credit rating, or cause financial distress for your family.

help play it safe.

MEMBER’S CHOICE Borrower Security* is a voluntary loan-payment protection product that helps you get relief from the financial burden of delinquency, default, or foreclosure if a protected life event unexpectedly happens to you. And, simple eligibility requirements ease the enrollment process.

protection that matters.

If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), MEMBER’S CHOICE Borrower Security will cancel or reduce repayment of your loan debt—helping to lessen your worries, and your family’s worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging. Protected events include:

  • Loss of life, including those caused by acts of war
  • Disability, including those caused by acts of war
  • Involuntary unemployment

call outs.

Approximately 22% of U.S. families with dependent children admit that they have problems with handling everyday expenditures and another 26% admit that if the main provider of income dies unexpectedly, they would not be able to cover their everyday expenses. (Life Insurance – An investment that should not be overlooked, 2010)

Less than 10% of disabling accidents and illnesses are work related. The other 90% are not, meaning Workers’ Compensation doesn’t cover them. (Council for Disability Awareness, Long-Term Disability Claims Review, 2010)

In February 2012, the number of long-term unemployed (those jobless for 27 weeks or more) was 5.4 million and accounted for 42.6 percent of the unemployed. (www.bls.gov, Economic News Releases, The Employment Situation, February 2012)

Disclaimer:

*Your purchase of MEMBER’S CHOICE Borrower Security 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 MEMBER’S CHOICE Borrower Security.