Loan Payment Protection
To help you and your family, TruMark Financial offers member-paid loss of life, disability, and involuntary unemployment protection. This loan payment protection is for your secured and unsecured consumer loans, Visa credit cards, and home equity loans. Payment protection helps provide you peace of mind.
- Cancels your loan balance up to $100,000 in the event of death
- Cancels your monthly loan payment up to 36 months or $36,000 if disabled
- Cancels your monthly loan payment up to six months or $3,000 if involuntarily unemployed
TruMark Financial provides several loan payment protection options to meet your needs:
- Option 1: Life, Disability, and Involuntary Unemployment
- Option 2: Life and Disability
- Option 3: Disability only
- Option 4: Life only
For home equity products, the fee for each option is the same whether the loan is for a single borrower or including a joint borrower.
For consumer loans and credit cards, the fee for each option is different if you elect single or joint coverage. If you choose joint protection, both borrowers are covered for life and/or disability and/or involuntary unemployment.
Each payment protection package is optional, and helps protect your loan collateral, credit rating, lifestyle, and your family from repercussions of an unpaid debt. Enrollment is fast, easy and eligible borrowers can enroll immediately.
Tying protection directly to your loan means you’ll have exactly the right amount of protection – no more, no less, and that saves you money. Cancel protection at any time, within the first 30 days and receive a refund for any or all fees paid.
Click here for a worksheet to determine if you need loan payment protection.
This is a summary of our Payment Protection program. Enrollment in the program is voluntary and not required to obtain a loan. TruMark Financial’s Payment Protection program is a debt cancellation product available through TruMark Financial. Please contact your TruMark Financial loan representative, or refer to the Member Agreement for additional information on benefit maximums, eligibility, and limitations. GAP insurance, loan payment protection products, life insurance, and accidental death & dismemberment insurance are offered through CUNA Mutual Group. Products offered through CUNA Mutual Group are not NCUA/NCUSIF or otherwise federally insured. These products are not guarantees or obligations of the credit union. TruMark Financial Credit Union has contracted with CUNA Mutual Group to make insurance products and services available to credit union members. All representatives are registered through CUNA Mutual Group. A decision to purchase insurance coverage does not affect the cost or availability of any extension of credit.