Debt Protection
Debt Protection
Financial protection for you and your loved ones.
Life events, such as death, disability and involuntary unemployment, can cause financial hardship, making bill-paying difficult. You can create a safety net with Debt Protection,* a voluntary loan payment protection product that helps you get relief from the financial burden of delinquency, default or foreclosure if a protected life event happens to you. Simple eligibility requirements ease the enrollment process.
How does it work?
If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), SESLOC debt protection will cancel or reduce repayment of your loan debt. Protected events can include:
- Loss of life, including those caused by acts of war
- Disability, including those caused by acts of war
- Involuntary unemployment
Why should I enroll?
- It’s easy: Simple to apply for, and takes effect immediately.
- It’s budget-friendly: Comfortably fits into your monthly payment.
- It puts you at ease: Rest easy, knowing you’re taken care of in so many problem situations
Debt Protection helps to ease your worries during a time when your income may be reduced or lost. Protect your loan…because Life Happens. Ask a SESLOC Member Service Representative to provide complete details.
Less than 10% of disabling accidents and illnesses are work related. The other 90% are not, meaning Workers’ Compensation doesn’t cover them (Council for Disability Awareness, Long-Term Disability Claims Review, 2010).
*Your purchase of Debt Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply. Please contact your loan representative or refer to the Member Agreement for a full explanation of the terms of Debt Protection. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid.
Have questions?
Visit any branch or call us at (805) 543-1816.
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Savings are insured to at least $250,000 and backed by the full faith and credit of the U.S. government. National Credit Union Administration, a U.S. government agency.
