Debt Protection Coverage
Whether you're taking out a loan to make home improvements or buy a vehicle, it can be a financial gamble because things happen…life happens. You’re betting you can pay back your loan and you won’t lose your job (through no fault of your own), or become disabled (due to injury or illness), or need to take family leave, or pass away, which could leave your family responsible for your loan balance. Life events can cause financial hardship, making bill-paying difficult. You don't want delinquent payments and defaulted loans to cause you to lose your assets, negatively impact your credit rating, or cause financial distress for your family.
Avestar Credit Union's Debt Protection Coverage is 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 unexpectedly happens to you. And, simple eligibility requirements ease the enrollment process.
If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), Avestar Credit Union's Debt Protection Coverage* will cancel or reduce repayment of your loan debt—helping to lessen your worries, and your family’s worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging. Protected events include:
- Loss of life, including those caused by acts of war
- Disability, including those caused by acts of war
- Involuntary unemployment
Ask about protecting your loans today!
Click a link below to figure out your loan payment with the Debt Protection coverage!
- Calculator Consumer DP with MRC & GAP
- Calculator Consumer only with DP
- Calculator Credit Card with DP
*Your purchase of Avestar Credit Union's Debt Protection Coverage 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 Avestar Credit Union's Debt Protection Coverage .