Debt Protection
Life is unpredictable. You may worry about the unexpected, real-life events that could leave you scrambling to pay your monthly bills. Debt Protection can help relieve financial pressure in the event of death, disability, or involuntary unemployment.
Benefits:
- Your loan balance or monthly loan payments will be cancelled without penalty or added interest
- The peace of mind of knowing you and your credit rating are protected
- Available on all loan products
- Short-term loans: closed-end loans of 120 months or less, unsecured lines of credit and credit cards
- Long-term loans: closed-end loans of 120 months or more, and home equity line of credit plans
For more details, visit any of our convenient locations or contact us today.
Plan Options
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Death
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Disability
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Involuntary Unemployment
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Rate* per $1,000 of loan balance
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|
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Single
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Joint
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Short Term Loans
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|
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Plan 1
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x
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x
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x
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$5.84
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$10.90
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Plan 2
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x
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x
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$3.71
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$6.84
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Plan 3
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x
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$2.98
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$5.67
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Plan 4
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x
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|
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$0.73
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$1.18
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Long Term Loans
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|
|
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|
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Plan 5
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x
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x
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x
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$2.57
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$4.59
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Plan 6
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x
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x
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$1.63
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$2.80
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Plan 7
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x
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$0.73
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$1.37
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Plan 8
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x
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|
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$0.90
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$1.43
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Definitions of Coverage
Death
Plans 1, 2, 4, 5, 6, and 8 cancel loan balance as of date of death (maximum cancellation of $75,000).
Disability
Plans 1, 2, and 3 cancel payments for as long as the protected borrower is disabled (monthly maximum cancellation of $1,000). Plans 5, 6, and 7 cancel up to 12 payments per occurrence (monthly maximum cancellation of $1,500 and a maximum aggregate benefit of $18,000 per borrower).
Involuntary Unemployment
Plan 1 cancels up to six payments per occurrence (monthly maximum cancellation of $1,000 and a maximum aggregate benefit of $15,000 per borrower). Plan 5 cancels up to six payments per occurrence (monthly maximum cancellation of $1,500 and a maximum aggregate benefit of $18,000 per borrower).
For more details, visit any of our convenient locations or contact us today.
1Table pricing example only. Please contact Michigan First for details.
