fbpx
 

Payment Protection

Prepare for The Unexpected

Payment Protection

Preserve Your Standard of Living

Whether you're taking out a loan to make home improvements or buy a vehicle, you should take steps to protect you and your family in case something unforeseen happens. Life events can cause financial hardship, making bill-paying difficult. You don't want delinquent payments and defaulted loans to impact your finances.

Protection That Matters

If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), Payment Protection will cancel or waive your loan payments, up to the contract maximums—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. We offer a number of options you could protect yourself against. These events could include:

  • Loss of life, including those caused by acts of war
  • Disability, including those caused by acts of war
  • Involuntary unemployment

Purchase a Payment Protection Plan

To purchase an Ideal Payment Protection Plan, call 651-770-7000 or visit one of our branches to speak with an Ideal Representative.

 

Payment Protection Plan Coverage $100 Borrowed*
Life
  • Up to $100,000
$0.449
Life & Disability
  • Up to $100,000 upon loss of life
  • Up to 12 months or $12,000 in monthly payments canceled for disability
$0.349
Life, Disability, Unemployment & Family Leave
  • Up to $100,000 upon loss of life.
  • Up to 12 months or $12,000 in monthly payments canceled for disability
  • Up to 6 months or $6,000 in monthly payments canceled for unemployment
$0.149

Your purchase of Payment 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 Member Agreement for a full explanation of the terms of [DP Program Name]. 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.