Why do I need: Payment Protection
Why is Payment Protection important?
Payment Protection is essential because unexpected illness, injury, or other life challenges can make it difficult to keep up with your loan payments. This coverage can help ensure your loan stays current, protecting your credit and giving you peace of mind when life throws you a curveball.
Put yourself in this scenario...
Imagine you recently purchased a car with an auto loan. A few months later, you were in an accident that left you temporarily unable to work. Thanks to Payment Protection, your disability coverage on your auto loan kicked in, covering your monthly auto loan payments while you recovered. This Payment Protection on your auto loan allowed you to not worry about your vehicle and you didn't have to use any of the funds from your potential employer's work disability.
Without this protection, you would have had to use your savings or risk missing payments, potentially affecting your credit.
Just Remember: Anyone can get sick, life happens.
Payment protection can help ease financial concerns for you and your family if the unexpected occurs.
- More than one-third (35%) of all households would experience adverse financial effects within a month if a primary way wage earner died.[1]
- One in four 20-year-olds can expect to miss a year of work due to a disability before retirement.[2]
Safeguard your family
Payment protection helps meet the gap between the coverage you need and any life or disability protection you may have.
Life Protection
Designed to reduce or pay off the insured balance of your loan if you die.
Disability Protection
Designed to pay your loan payments (up to the contract limit) if you become disabled due to illness or injury and are unable to work.
How you could benefit
- Protection — Helps reduce the financial burden on your family in the event of your disability or death.
- Convenience — Done at the time of loan application.
[1] LIMRA, 2018 Insurance Barometer
[2] Council for Disability Awareness, Disability Statistics, 2018
