When you’re approved for a loan with OCCU, you’ll have the option of adding Debt Protection on qualifying loans at any time.
Hopefully none of these events occur in your near future, but loss of life, a disability or job loss can happen at any time.
Reach out to us when a qualifying event makes it difficult to pay your loan. We’re here to help.
Depending on the event, we may be there for you and your loved ones for the entire loan or until you recover.
When Diane unexpectedly lost her husband, she called OCCU to see if she could skip a payment on her RV loan due to the hardship. She was surprised and grateful that her loan balance of $23,032 was cancelled because she had Debt Protection.
Jeffry had been unemployed for a year, causing him to struggle financially. In reviewing his account, an OCCU employee discovered that he signed up for Debt Protection, which covers the payments in the event of unemployment. He was elated to learn that his future payments would be covered until he found employment and he was reimbursed six months of payments totaling nearly $900!
Amanda had been out of work for three months after taking a tumble down a set of stairs. Thankfully, she had Debt Protection on her motorcycle loan, which covered her monthly payment until she was able to get back to work, allowing her to focus on healing.
Protects unexpected unemployment
If you lose your job due to events outside your control, Debt Protection may cancel your payments for up to six months or $6,000 per occurrence.
Protects against disability
In the event of a disabling illness or injury that threatens your financial stability, your loan payment may be cancelled for up to 12 months or $12,000 per occurrence.
Safeguards in the event of death
If the loss of a loved one who opted for protection impacts your ability to make payments on a loan, you could have the entire balance of the loan cancelled up to the contract maximums.
Choose from many levels of protection
We offer different levels of Debt Protection that are as basic or comprehensive as you need. Talk with an OCCU representative about what’s best for you.
Is Debt Protection right for you?
There are many factors that make Debt Protection a wise investment for certain vehicle owners including:
- The size of your loan
- Your income and savings
- Eligibility requirements
- Cost of plan