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Debt Protection

We’ve designed our Debt Protection program for you. More than ever, we all worry about things that might happen tomorrow. Debt Protection provides an important sense of financial security. Please consult with one of our loan representatives to discuss our Debt Protection program in more detail.

These days, even the most responsible person can be hit with bills they can’t pay. When that happens, whether because of injury, illness, or accidental death, Debt Protection in most cases can help eliminate your debt. Add this important protection to your loan, and if any covered event puts a paycheck you count on out of reach, Debt Protection can:

  • Eliminate all or part of your loan
  • Protect your credit ratin
  • Prevent late fee
  • Protect your family and your possession
  • Free-up extra cash when it’s needed most
  • Pay benefits in addition to any other protection you may have

Protect your family, your credit, and yourself.

Whether around the house, on the job, or just being in the wrong place at the wrong time, someone suffers a disabling injury every two seconds. Meanwhile, every day, 350 people die from an accident they never saw coming; and every year, nearly 300,000 people become unable to work because of illness.

With Debt Protection, you can have your covered loans paid for you when you are unable to make payments. It’s peace of mind that’s affordable and integrated into your monthly payment. You’ll hardly even know it’s there – until you need it.

Different levels of protection available

Choose the one that suits you best. There’s no medical exam required. Plus, enrollment is easy!

Option 1 (Loss of Life)
We will pay the remaining loan balance in the event of the insured member’s death
Option 2 (Disability)
We will pay loan payments in the event of a disabling injury or illness
Option 3 (Loss of Life and Disability)
Option 1 & 2 combined
Option 4 (Loss of Life, Disability and Involuntary Unemployment)
Option 3 plus monthly installment payments in the case of involuntary unemployment for 6 months.

Ask a loan officer or service representative about Debt Protection today.

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