Finance with peace of mind using Debt Protection by TruStage.
Between signing a new loan and paying it off, life can be unexpected. Debt Protection can provide financial security and peace of mind by covering certain financial challenges that may arise during the term of a loan.
Here are the basics about your Debt Protection options at Visions – and why it matters.
Through our partnership with TruStage, we offer Debt Protection for most of our non-business loans. That means you can request coverage for Visions loan products from auto loans to home improvement loans, from credit cards to Readi Reserve lines of credit (learn about Overdraft Protection), from Fixed Rate Home Equity Loans to Home Equity Lines of Credit (HELOCs), and more!
Debt Protection could cancel your loan payments or loan balances up to contract maximums in the event of disability or involuntary unemployment, either for the primary borrower or for someone who is joint on the loan as a cosigner - or both! Life coverage could even cancel the remaining balance of your loan upon the borrower(s)’ death.
When applying for an eligible loan, simply select your preferred Debt Protection coverage. These elections are voluntary, won’t affect your loan approval criteria, and fit into your total monthly loan payment. You can also change or cancel your coverage at any time.
Here’s the coverage you could receive with Debt Protection:
LifePlus can address a wide range of circumstances, including terminal illness, accidental dismemberment, hospitalizations, family medical leave, and the death of a non-protected dependent.
Disability coverage can cancel loan payments when a covered disability occurs due to illness or injury.
Involuntary Unemployment coverage can provide financial relief if an unexpected, covered job loss occurs.
Single coverage provides the elected Debt Protection for the primary borrower and eligible dependents, whereas Joint coverage extends the coverage to a cosigner on the loan.
The choice is yours.
As you think about committing to a loan or line of credit, take a moment to reflect. With an unexpected drop in income, would you be able to continue your loan payments on time and maintain your standard of living? Similarly, if something unexpected happens to you, how will your loan impact your cosigners? If you feel uncertain about either outcome, then consider Debt Protection to safeguard your finances.
To review or change Debt Protection coverage on your Visions loans, call our Contact Center at 800.242.2120.
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 contract for a full explanation of the terms. You will receive the contract before you are required to pay for 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.
Debt Protection is not federally insured nor obligations of the credit union or any affiliated entity.
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