Debt Cancellation can be a financial lifesaver in the event of death, disability or involuntary unemployment.  Debt Cancellation is a contract you purchase with your indirect loan to forgive / cancel the loan balance due to death, or forgive / cancel a specified number of payments due to disability or involuntary unemployment.  

  • Plan 1 - Life and Disability Protection
  • Product 67 Brochure:
    • Death - Forgives / Cancels loan balance up to a maximum of $50,000
    • Disability - Forgives / Cancels up to 6 payments with a maximum of $1,000 per month (30-day retroactive waiting period)
  • Plan 2 - Accidental Death, Disability and Involuntary Unemployment Protection
  • Product 66 Brochure:
    • Death - Forgives / Cancels loan balance up to a maximum of $50,000
    • Disability - Forgives / Cancels up to 6 payments with a maximum of $1,000 per month (30-day retroactive waiting period)
    • Involuntary Unemployment - Forgives / Cancels up to 3 payments with a maximum of $500 per month
  • Plan 3 - Accidental Death and Accidental Disability
  • Product 69 Brochure:
    • Death - Forgives / Cancels loan balance up to a maximum of $50,000
    • Disability - Forgives / Cancels up to 6 payments with a maximum of $500 per month (30-day retroactive waiting period)

Eligibility Requirements

  • Borrower must be under 66 years old
  • If applying for Disability or Involuntary Unemployment protection, borrower must not be working less than 30 hours per week, must not be self-employed, or seasonally employeed 
  • Involuntary Unemployment Benefit contains a 90 day waiting period from the time the contract is purchased

*All plans are subject to change have varied timing and plan benefit schedules.  Please ask your representative for complete details of the plan you are interested in.