Help Safeguard Your Loan with Payment Protection

Now you don’t have to lay awake at night worrying about what will happen if the unexpected strikes because…

Payment Protection is a debt cancellation product that, depending on the package you select, cancels or defers your eligible loan balance, up to the agreement maximum, should you die before paying off your loan.

In addition, if you become disabled due to a covered illness or injury, or become involuntarily unemployed, Payment Protection can cancel or defer your monthly loan payment, up to the agreement maximum. Payment cancellation cancels the principal and interest portions of your loan payment, up to the agreement maximum, and the balance declines. Payment deferment defers the principal portion of the loan payment and cancels the interest portion, up to the agreement limit. With deferral, the loan balance does not decline.

With Payment Protection fees are based on a group rate and you buy only enough protection to cover your loan balance. That makes it a great value.

Other benefits include:
• Helps protect your family, collateral and credit rating
• Simple eligibility requirements
• Fast, easy enrollment
• Quick approval
• Immediate protection for eligible borrowers
• Convenient – fee is included in your loan payment

Protection Plans Available

Consumer Plan
• Can protect up to two borrowers
• Package options can include life, disability and involuntary unemployment.
• Pays off your loan balance up to $50,000 in the event of death.
• Pays your monthly loan payment up to 12 months or $12,000 if disabled.
• Pays your monthly loan payment up to 6 months or $3,000 if involuntarily unemployed.

Home Equity Plan
• Can protect up to two borrowers
• Package options can include life, disability and involuntary unemployment.
• Pays off your loan balance up to $50,000 in the event of death.
• Pays your monthly loan payment up to 24 months or $24,000 if disabled
• Pays your monthly loan payment up to 6 months or $3,000 if involuntarily unemployed.

Credit Card Plan
• Can protect up to two borrowers
• Package options can include life, disability and involuntary unemployment.
• Pays off your loan balance up to $50,000 in the event of death.
• Pays your monthly loan payment up to 12 months or $12,000 if disabled
• Pays your monthly loan payment up to 6 months or $3,000 if involuntarily unemployed.

Payment Protection helps protect your dreams and safeguard your family from a financial nightmare. For more information on Payment Protection ask your loan officer or refer to your member agreement for details.

* This is a summary of our Payment Protection program. Enrollment in the program is optional and not required to obtain a loan. Payment Protection is a debt cancellation product available through Dayton Firefighters Federal Credit Union. Please contact your Dayton Firefighters Federal Credit Union loan representative, or refer to the Member Agreement for additional information on benefit maximums, eligibility, and limitations.