What is Payment or Debt Protection?

Payment Protection (debt protection) is optional insurance offered on loans for Credit Union 1 members. This protection can be elected to cover disability if you become ill or are injured and unable to work for more than 2 weeks on doctor's orders. In such a case, payment protection would cover your payments for the time you are out of work, up to 9 months. 

Payment protection can also be used to pay off your loan if you were to pass away during the term of your loan. In this instance, payment protection could help free up money your family might be expecting from your estate as well as provide them with a paid-off vehicle.