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Debt Protection
Protect your loved ones with Debt Protection from UKFCU.
An unexpected event could leave you and your family scrambling to pay monthly bills. It's why it is important to take action to safeguard your family to ensure your loan payments are made on time.
Under the University of Kentucky Federal Credit Union Debt Protection program, your Home Equity Line of Credit (HELOC) balance or monthly payments may be canceled without penalty or added interest if you become disabled or in the event of your loss of life. You can feel secure in knowing your credit rating — and most importantly, your family — is protected.
Definitions of Coverage
- Plans 1 and 2: Cancel the remaining loan balance as of date of death (up to $75,000).
- Disability - 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.
Plan 1: Cancel up to 6 payments per occurrence (aggregate maximum of $15,000, up to $1,000 per month).
Designed with you in mind.
Eliminate worry about things that might happen tomorrow. UKFCU Debt Protection provides an important sense of financial security - knowing your loan will not become a burden to you during a hardship.
Cancel at any time.
You may cancel Debt Protection at any time. If you do so within the first 30 days, we will refund any fees already paid.
Effective Date: 2/4/2025
| Plan Options | Average Coverage (Death) | Available Coverage (Disability) | Rate per $1,000 of Monthly Loan Balance (Single) | Rate per $1,000 of Monthly Loan Balance (Joint) |
|---|---|---|---|---|
| Option 1 | $1.78 | $3.06 | ||
| Option 2 | $1.03 | 1.63 |
* Your purchase of Debt Protection is optional. Whether or not you purchase this product will not affect your application for credit or terms of any existing credit agreement. Additional information before you are required to pay for Debt Protection. Copy of contract will contain terms and conditions of Debt Protection. There are eligibility requirements, conditions, and exclusion that could prevent you from receiving Debt Protection benefits. Carefully read your Debt Protection contract for full terms and conditions. Other restrictions may apply. See a representative for more details.
* Non-deposit investment products are not NCUA / NCUSIF / FDIC or otherwise federally insured, are not guarantees or obligations of UK Federal Credit Union and may involve investment risk, including possible loss of principal. UK Federal Credit Union has contracted with Access Softek Advisory Services LLC ("Access Softek") to make non-deposit investment products available to you. DriveWealth LLC, an SEC registered broker-dealer and member FINRA/SIPC, holds the investment accounts. Investment Advisor Representatives are registered through Access Softek.
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