Life Protection
What percentage of the loan balance does Life Protection pay off if a covered borrower dies before turning 70?
100% of the loan balance, up to $100,000.
How many hours per week must a member be employed to qualify for Disability Protection?
At least 25 hours per week.
What is the minimum weekly employment required to qualify for Involuntary Unemployment benefits?
At least 25 hours per week.
What protections are included with the Premium Package?
Life and Disability.
A borrower says, “I already have a lot of insurance. Why do I need this too?
Your insurance can help cover everyday expenses. PayProtect covers just your loan, so there’s one less bill your family has to worry about.
After what age does Life Protection continue at only 25% of the loan balance?
After the member turns 70 years old.
How many days must the illness, injury, or disability continue before filing a claim?
At least 14 days.
How long must unemployment continue before filing a claim?
At least 14 days.
What protections are offered with the Elite Package?
Life, Disability, Involuntary Unemployment.
A military member says, “I have sick leave and government benefits. I don’t think I need this."
Military benefits help with expenses, but PayProtect covers just your loan payments, giving you extra peace of mind and more flexibility in your budget.
What is the maximum loan balance payout after age 70?
$25,000.
What is the maximum duration and dollar amount of Disability Protection benefits per event?
24 months or $24,000.
What benefit must the applicant be receiving before filing an unemployment claim?
State unemployment benefits.
When will Disability Protection payments stop? (Name one reason)
When the member returns to work, the loan is paid in full, or the maximum benefits are exhausted.
A borrower says, “This sounds expensive.” What’s your response?
The cost is already included in your payment and designed to fit your budget. It may only cost cents a day and can save you hundreds if you become ill or injured.
Will Life Protection pay benefits if the member dies within 6 months of the effective date due to a preexisting condition?
No, there is no benefit if death occurs within the first 6 months due to a preexisting condition.
Will benefits be paid if disability occurs within 6 months due to a preexisting condition?
No, benefits are not paid if disability occurs within the first 6 months due to a preexisting condition.
How long after the effective date must involuntary unemployment occur for benefits to be paid?
After 3 months from the effective date.
What does fully protected mean?
It means your payments CAN be made for you if you're sick, injured, or laid off. If you pass away, your entire loan CAN be paid in full, protecting your credit and giving peace of mind to your family.
A young borrower says, “I’m healthy and young. I won’t need this.”
Even healthy people can get hurt unexpectedly. If something happens, PayProtect steps in to make your loan payments, protecting your finances.
Is suicide covered under Life Protection if it occurs within 12 months of the effective date?
No, suicide within the first 12 months is not covered.
When does Disability Protection pay benefits related to a preexisting condition?
If the disability occurs six months AFTER the effective date and is due to a preexisting condition.
What are the maximum benefit limits for Involuntary Unemployment per event?
6 months or $3,000, whichever comes first
Name one employment status that is NOT covered under unemployment protection.
Self-employed, seasonal, temporary, on vacation, on strike, retired, or relocated.
A self-employed borrower says, “I’m not eligible because I’m self-employed.” What coverages can you offer him?
Good news—life and disability protection are available for self-employed borrowers too, so you're still covered if you get sick or injured.