Payment Protection Insurance

Minimize the impact of the unexpected


What is Payment Protection Insurance?

Death and disability are often unpredictable. They can happen to anyone, at any age. Fifty-six million Americans, or 1-in-5, live with disabilities.1

What if you become one of them?

Every two seconds, whether around the house, on the job, or just being in the wrong place at the wrong time, someone suffers a disabling injury.

Payment Protection can help safeguard your investment by covering your loan if you or your co-borrower are unable to make payments.

Unexpected health issues, accidents, or the loss of a loved one can suddenly strip even the most financially prudent individuals of their income, leaving them struggling to cover bills, at risk of damaging their credit, and facing possible repossessions.

When an unexpected tragedy occurs, Payment Protection may pay off your loan in the event of death, or make payments on your behalf if you become involuntarily unemployed or disabled.

How does Payment Protection work?

When you add Payment Protection2 to your loan, you help take the risk out of the unexpected.

  • Eliminate all or part of your remaining loan balance
  • Prevent late fees
  • Protect your credit rating as loan payment obligations are made on your behalf
  • Create financial security for your family
  • Free-up extra cash when it’s needed most

Payment Protection is affordable and may cover both you and your co-borrower. And the cost is factored right into your loan payment, giving you one less thing to think about.

For more information on Payment Protection speak with a Member Service Representative at 801-627-8700.

Your purchase of Payment Protection is optional. Whether or not you purchase Payment Protection will not affect your application for credit or the terms of any existing credit agreement you have with the financial institution. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under Payment Protection. You should carefully read the contract for a full explanation of terms.

 1“The Facts about Social Security’s Disability Program.” Social Security Administration, Publication No. 05-10570, January 2018. Web. March 2018.

2Payment Protection may be available for personal credit cards, auto loans, personal consumer loans, and home equity loans.