Information on Payment Protection Plans

Payment Protection Plans from TwinStar Credit Union

 

Designed with you in mind

More than ever, we all worry about things that might happen tomorrow. TwinStar Credit Union Payment Protection provides an important sense of financial security – knowing your loan will not become a burden to you in times of hardship.

Life is unpredictable. 

There is 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 help ensure loan payments can be made on time.

That’s where TwinStar Credit Union Payment Protection comes in.

Under the TwinStar Credit Union Payment Protection program, your loan balance may be canceled or your monthly loan payments canceled without penalty or added interest. You benefit from the peace of mind knowing you and your credit rating are protected – and most importantly – that your family is protected.

Cancel at any time

You may cancel Payment Protection at any time. If you do so within the first 30 days, we will refund any fees already paid.

Want to learn more?

Talk to a representative today by calling 800-258-3115 to learn the details about our TwinStar Credit Union Payment Protection program.

 

Availability and plan options

TwinStar Credit Union Payment Protection is available for eligible loan types: Closed-end consumer loans, consumer lines of credit, credit cards, closed-end home equity loans (i.e. second mortgages), and home equity lines of credit.

 

Definitions of coverage

 

Types of coverage

• Death: Helps your family get back on their feet financially with the cancellation of your loan.
• Accidental death: Relieve your family of financial stress when the unexpected happens.
• Disability: Cancels your loan payments for a period of time as you regain your health.
• Involuntary unemployment: Helps ensure your loan payment will be taken care of as you search for new employment.
• Family leave: Give your family one less worry when a leave from your job for family or medical reasons is necessary.

Plan 1: Death

• Cancels the remaining loan balance as of date of death (up to $75,000)
• Rates per $1,000 of monthly loan balance: $1.42/Single, $2.27/Joint

Plan 2: Accidental death, disability, and family leave

• Cancels the remaining loan balance as of date of accidental death (up to $75,000)
• Cancels up to 12 payments per disability occurrence (aggregate maximum of $15,000, up to $1,000 per month)
• Cancels up to 3 payments per family leave occurrence (aggregate maximum $15,000, up to $1,000 per month)
• Rates per $1,000 of monthly loan balance: $2.34/Single, $4.40/Joint

Plan 3: Disability, involuntary unemployment

• Cancels up to 12 payments per disability occurrence (aggregate maximum of $15,000, up to $1,000 per month)
• Cancels up to 3 payments per involuntary unemployment occurrence (aggregate maximum $15,000, up to $1,000 per month)
• Rates per $1,000 of monthly loan balance: $2.98/Single, $5.67/Joint

Plan 4: Death, Disability

• Cancels the remaining loan balance as of date of death (up to $75,000)
• Cancels up to 12 payments per disability occurrence (aggregate maximum of $15,000, up to $1,000 per month)
• Rates per $1,000 of monthly loan balance: $2.97/Single, $5.22/Joint

Plan 5: Death

• Cancels up to 12 payments (aggregate maximum of $12,000, up to $1,000 per month)
• Rates per $1,000 of monthly loan balance: $0.57/Single, $1.08/Joint

 

 

Payment Protection Program