Sierra Central Loan Protection is a voluntary debt cancellation product that can help when the unexpected hits. With 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, and that saves you money.
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 monthly loan payments for up to 12 months or $12,000 for disability up to age 70.
- Cancels your monthly loan payments for up to six months or $3,000 if you are involuntarily unemployed.
Home Equity Protection
- Protects up to two borrowers per loan for the same rate.
- Cancels your loan balance up to $100,000 in the event of death.
- Cancels your monthly loan payments for up to 12 months or $12,000 for disability up to age 70
Credit Card Protection
- Protects up to two borrowers per loan for the same rate.
- Cancels your minimum monthly credit card payments, up to 12 months or $12,000 in the event of death.
- Cancels your monthly loan payments for up to six months or $3,000 if you are involuntarily unemployed.
Benefits of the plans:
Life Protection- Balance Cancellation
Cancels your eligible consumer or home equity loan balances up to the agreement maximum, should you die before paying off your loan. For credit cards, cancels minimum monthly payments for 12 months or $12,000.
Disability Protection – Payment Cancellation
Cancels your monthly loan payment, up to the agreement maximum if you become disabled due to a covered illness or injury. Payment cancellation means that if you’re disabled, both the principal and interest portion of your loan payment is cancelled.
Involuntary Unemployment – Payment Cancellation
Cancels your monthly loan payment, up to the agreement maximum, if you are involuntarily unemployed.
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. |
