Sierra Central - Loan Protection

Sierra Central Loan Protection

Sierra Central Loan Protection is a voluntary debt protection product that can help when the unexpected hits. With Loss of Life, Accidental Disability and Involuntary Unemployment protection, every eligible member pays the same group fee. And, you only buy enough protection to cover your loan balance. Tying protection directly to your loan means that you’ll have exactly the right amount of protection – no more, no less.

Here are Sierra Central Loan Protection plan options:

Consumer Loan Protection

Protects up to two borrowers per loan for the same rate.
Cancels the loan balance up to $100,000 in the event of death.
Cancels your loan payments for up to 12 months or $12,000 for disability.
Cancels your loan payments for up to six months or $3,000 if you are involuntarily unemployed.
Cancels your loan payments up to 3 months or $1,500 if you are on an unpaid family leave.

Credit Card Protection

Protects up to two borrowers per loan for the same rate.
Cancels your credit card balances up to $50,000 in the event of death.
Cancels your loan payments for up to 6 months or $3,000 if you are involuntarily unemployed.
Cancels your loan payment for up to 12 months or $12,000 for disability.

Benefits of the plans:

Loss of Life Protection- Balance Cancellation

Cancels your eligible consumer loan balance or credit card balance up to the agreement maximum, should you die before paying off your loan.

Disability Protection – Payment Cancellation

Cancels your monthly loan payment, up to the agreement maximum if you become disabled due to a protected illness or injury. Payment cancellation means that if you’re disabled, both the principal and interest portion of your loan payment is cancelled, up to the agreement maximum.

Involuntary Unemployment & Family Leave– Payment Cancellation

Cancels your monthly loan payment, up to the agreement maximum, if you are involuntarily unemployed or take Family Leave.

Other Benefits include:

Simple eligibility requirements
Fast and easy enrollment
Immediate protection for eligible borrowers
Fee included in payment

For more details or to obtain a copy of the member agreement, visit any Sierra Central branch location.

*Sierra Central Loan Protection is a voluntary debt protection product available through Sierra Central Credit Union.