What is Debt Protection?
Life is unpredictable and you may worry about unexpected, real-life events that could leave you scrambling to pay your monthly bills. Debt Protection can help relieve financial pressure in the event of death, disability, or involuntary unemployment. You benefit from peace of mind that comes from knowing you and your credit rating are protected.
What does Debt Protection cover?
There are several package combinations that include Death, Disability, and Involuntary Unemployment so you’re able to select the coverage that best suits your needs.
Death – Give your family time to get back on their feet financially. Plans with Death coverage cancel the remaining loan balance as of the date of death, up to $75,000.
Disability – Help avoid bills piling up as you try to regain your health and earning capacity. Use this benefit as a supplement to any disability coverage you may have at work (which usually only covers 60% of pay). Plans with Disability coverage cancel up to six payments per occurrence.*
Involuntary Unemployment (IU) – Ensure that one of your major monthly expenses will be taken care of as you search for new employment. Plans with IU cancel up to three payments per occurrence.*
Who is Eligible?
Debt Protection is available on both short and long term closed-end loans, open-end consumer credit plans, unsecured lines of credit, and home equity lines of credit. Eligibility, conditions and exclusions apply. Please contact Deseret First for additional details.
- Helps avoid financial hardship in times of death, disability, or involuntary unemployment.
- Protects your credit rating after unfortunate life events.
- Affordable premium included in your loan payment.
- Cancel at any time.
- Low cost protection with a full refund within 30 days.
- Joint and single coverage available.
Debt Protection can be elected at loan origination or within 180 days of loan closing.
Call 801-456-7000 or 1-800-326-3328 for more information or to file a claim on Debt Protection or Credit Insurance coverage already purchased through Deseret First.
*Up to $1,000 a month and a maximum aggregate of $15,000 on short-term loans / up to $1,500 a month and a maximum aggregate of $18,000 on long-term loans.