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:
Home Equity Plan
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.