lock Debt Protection
Life's unpredictable, protect what matters most to you with Debt Protection from UKFCU.
There are a wide range of unexpected events that could leave you and your family scrambling to pay monthly bills. That's why it is important you take action to safeguard your family against these types of events to ensure loan payments can be made on time.
Under the University of Kentucky Federal Credit Union Debt Protection program, your Home Equity Line of Credit 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 benefit from the peace of mind of knowing your credit rating - and most importantly - your family is protected.
Availability and Plan Options
University of Kentucky Federal Credit Union Debt Protection is available for Home Equity Lines of Credit.
Choose from the plan options listed below:
|Plan Options||Available Coverage||Available Coverage||Cost||Cost|
|Death||Disability||Rate per $1,000
of Monthly Loan Balance
|Rate per $1,000
of Monthly Loan Balance
|Plan Option 1||X||X||$1.78||$3.06|
|Plan Option 2||X||$1.03||$1.63|
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
More than ever, we 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 in times of 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.
Learn more about Debt Protection by visiting us at one of our six branch locations or by calling 859.264.4200 to speak with a representative.
*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 protections benefits. Carefully read your debt protection contract for full terms and conditions. Other restrictions may apply. See a representative for more details.