Life is unpredictable
A wide range of unexpected events could leave you and your family scrambling to pay your monthly bills. That’s why you must protect your family against these events to ensure loan payments can be made on time. That’s where TDECU Payment Protection comes in.
Under the TDECU Payment Protection Program, your loan balance or monthly payments may be canceled without penalty or added interest. You benefit from the peace of mind knowing you and your credit rating are protected — and, most importantly — your family is protected.
Designed with you in mind
More than ever, we all worry about things that might happen tomorrow. TDECU Payment Protection provides an important sense of financial security, knowing your loan will not become a burden to you in times of hardship.
Cancel at any time
You may cancel TDECU Payment Protection at any time. If you do so within the first 30 days, we will refund any fees already paid.
Availability and plan options
TDECU Payment Protection is available for closed-end consumer loans, consumer lines of credit, credit cards, closed-end home equity loans (i.e., second mortgages), and home equity lines of credit. Choose from the plan options listed below:
|Death||Disability||Involuntary Unemployment||Rate per $1,000 of monthly loan balance|
|Plan option 1||X||X||X||$3.14||$5.81|
|Plan option 2||X||X||$2.11||$3.83|
|Plan option 3||X||$1.58||$2.98|
|Plan option 4||X||$0.53||$0.85|
Definitions of coverage
Give your family time to get back on their feet financially.
- Plans 1, 2 and 4: Cancels the remaining loan balance as of date of death (up to $100,000).
Help avoid bills piling up as you try to regain your health and earning capacity. Use this benefit as a supplement to any disability coverage you may have at work.
- Plans 1, 2 and 3: Cancels up to 24 payments per occurrence (aggregate maximum of $30,000, up to $1,000 per month).
Ensure your loan payment will be taken care of as you search for new employment.
- Plan 1: Cancels up to 3 payments per occurrence (aggregate maximum $20,000, up to $1,000 per month).
This product is optional
Your purchase of payment protection is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us.
We will give you additional information before you are required to pay for payment protection. This information will include a copy of the contract containing the terms and conditions of payment protection.
Eligibility requirements, conditions, and exclusions
There are eligibility requirements, conditions and exclusions that could prevent you from receiving payment protection benefits. You should carefully read your payment protection contract for a full explanation of the terms and conditions of the payment protection program.