Debt Protection
Life is unpredictable. That’s why you may want to protect yourself and your family against unexpected events to help ensure loan payments continue to made and made on time.
Life Happens. Your Loan Shouldn’t Be the Stressful Part.
At Piedmont Advantage, we know that life has a way of surprising us with job loss, disability or even the unexpected passing of a loved one.
Our Debt Protection offerings help you lift the financial burden during those hard times, so you or your family won’t have to worry about making loan payments when you have more important things on your mind. It’s peace of mind packaged with your loan.
Availability and Plan Options
Our Debt Protection Program is available for consumer and home equity loans. You can choose from the plan options listed below:
Death | Disability | Rates per $1,000 of monthly loan balance SINGLE | Rates per $1,000 of monthly loan balance SINGLE | Rates per $1,000 of monthly loan balance JOINT | |
|---|---|---|---|---|---|
| Plan 1 | X | X | X | $3.81 | $6.30 |
| Plan 2 | X | X | $3.09 | $4.93 | |
| Plan 3 | X | $1.97 | $3.15 | ||
| Plan 4 | X | $1.12 | $1.78 |
Definitions of Coverage
If you meet eligibility requirements and conditions, Debt Protection will provide the following benefits:
- Death Protection helps your family get back on their feet financially with the cancellation of a loan.
- Plans 1, 2 and 4: Cancels the remaining loan balance as of date of death (up to $75,000).
- Disability Protection cancels your loan payments for a period of time as you regain your health.
- Plans 1, 2 and 3: Cancels up to 12 payments per occurrence (aggregate maximum of $15,000, up to $1,000 per month).
- Involuntary Unemployment Protection helps ensure your loan payment will be taken care of as you search for new employment.
- Plan 1: Cancels up to 3 payments per occurrence (aggregate maximum $15,000, up to $1,000 per month).
Cancel Anytime. No Strings Attached.
You can cancel your Debt Protection at any time. We understand that life changes, and what makes sense today may not fit tomorrow. If you decide to cancel within the first 30 days, we’ll refund any fees already paid.
Disclosures
This product is optional. Your purchase of Debt Protection is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us. We will give you additional information before you are required to pay for debt protection. This information will include a copy of the contract containing the terms and conditions of Debt Protection.
Eligibility requirements, conditions and exclusions: There are eligibility requirements, conditions and exclusions that could prevent you from receiving Debt Protection benefits. You should carefully read your Debt Protection contract for a full explanation of the terms and conditions of the Debt Protection Program.
Debt Protection products are non-insurance products marketed by Allied Solutions and administered by Minnesota Life Insurance Company. Allied Solutions and Minnesota Life Insurance Company are Securian Financial Group affiliates.
Headquartered in Winston-Salem, North Carolina, and founded in 1949 within the aviation industry, Piedmont Advantage Credit Union (PACU) serves member-owners, who reside, work, worship, attend school or operate a business in one of the six counties it serves in North Carolina or who are employed by one of its many employer companies. These six counties are Davie, Forsyth, Guilford, Iredell, Mecklenburg and Rockingham.