Payment Protection - Protect Yourself

You have dreams for you and your family – a happy retirement, college plans, a new car. But have you considered how you or your family would cover your financial obligations, such as the payment on your Consumer or Home Equity Loan if you fell victim to an unfortunate event?

Payment Protection can help when the unexpected hits.

Life Protection Package –
Payment Protection pays your remaining loan balance, up to the agreement maximum, should you die from illness or injury before paying off your loan.

Disability Protection Package -
If you become disabled due to a illness or injury, Payment Protection covers your monthly loan payments, up to the agreement maximum.

Transitional Loss of Life & Disability Protection Package –
(Home Equity Loans only)
Payment Protection pays your monthly loan payments, up to the agreement maximum should you die from a protected illness or injury before paying off your loan.

Life & Disability Package –
Payment Protection pays your eligible loan balance, up to the agreement maximum, should you die before paying off your loan or covers your monthly loan payment should you become disabled from an illness or injury before paying off your loan.

Out of Work Protection Package -
If you become disabled due to a illness or injury or become involuntarily unemployed, Payment Protection will cover your monthly loan payment, up to the agreement maximum.

Premium Package –
Payment Protection pays your eligible loan balance, up to the agreement maximum should you die before paying off your loan or covers the monthly loan payment should you become disabled due to illness or injury, become involuntarily unemployed, or have to leave work due to family leave.

With Payment Protection you only buy enough protection to cover your loan balance. Tying protection directly to your loan means you’ll have exactly the right amount of protection – no more, no less, and that saves you money.

Other benefits include:

• Helps protect your family, collateral, and credit rating
• Simple eligibility requirements
• Fast, easy enrollment
• Immediate enrollment for eligible borrowers
• Convenient – fee can be included in your monthly payment

You can count on Payment Protection to step in when you and your family need help the most. And that means your dreams can go on and on – even when your income doesn’t.

For more information about 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 voluntary and not required to obtain a loan. Payment Protection is a debt cancellation product available through Credit Union of New Jersey. Please contact your Credit Union of New Jersey loan representative for additional information on benefit maximums, eligibility, and limitations.
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