When you’re approved for a loan with OCCU, you’ll have the option of adding Payment 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 Payment 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 Payment Protection, which cancels the payments in the event of involuntary unemployment. He was elated to learn that six months of payments would be canceled, totaling nearly $900.
Amanda had been out of work for three months after taking a tumble down a set of stairs. Thankfully, she had Payment 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.
Anthony added Life Protection to his truck when he bought it. With the additional benefits offered by Life Plus, when he was hospitalized for two days, three months of his payments were canceled totaling over $2,000, allowing him to focus on recovering.
Protects unexpected unemployment
If you lose your job due to events outside your control, Payment 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.
Adds protection for life events
Life Plus adds protection for life events such as accidental dismemberment, terminal illness, hospitalization, family medical leave, or the loss of life of a non-protected dependent. Speak to an OCCU representative for details.
Is Payment Protection right for you?
There are many factors that make Payment Protection a wise investment for certain vehicle owners including:
- The size of your loan
- Your income and savings
- Eligibility requirements
- Cost of plan