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Life is unpredictable.

Unexpected events could leave you and your family scrambling to pay monthly bills. That's why it is important for you to protect yourself and your family against these unexpected events to help ensure loan payments are made and made on time.

Under Piedmont Advantage Credit Union’s Debt Protection Program, a loan balance or monthly loan payments may be canceled without penalty or added interest. You benefit from the peace of mind of knowing you, your family and even your credit rating are protected.

Availability and Plan Options

Debt Protection is available for consumer loans, home equity loans and credit cards. Choose from the plan options listed below:

 

Death

Disability

Involuntary Unemployment

Rates per $1000 of monthly loan balance

SINGLE

Rates per $1000 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.) 

Designed with you in mind

More than ever, we all worry about things that might happen tomorrow.  Debt Protection provides an important sense of financial security, knowing your loan will not become a burden to you in times of hardship.

Cancel at any time

You may cancel Debt Protection at any time.  If you do so within the first 30 days, we will refund any fees already paid.

Want to learn more?

Visit one of our North Carolina branches, contact a member representative by calling 800.433.7228 or fill out the inquiry form below to learn more details about our Debt Protection Program.

Debt Protection Inquiry Form

General Information

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.

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