Loan Payment Protection

If you have a personal, fixed-term loan with ACU, then you should look into Loan Payment Protection (LPP). The premium is based on the loan amount, and is due in full when your loan is approved. Your loan would be secured if you were to be faced with a total disability, a critical illness or death.

Loan Payment Protection can provide (upon claim approval):

Life coverage: should you die, your LPP pays the outstanding insured balance of your loan; he maximum loan amount is $90,000 and the maximum loan term is 180 months; coverage ends when you turn 75.

Disability coverage: if you become totally disabled due to sickness or accident, your coverage will pay a maximum of $1,500 per month for up to 120 months. The maximum insurable loan amount for disability coverage is $120,000 and the maximum loan term is 180 months, and coverage terminates at age 75

Critical Illness coverage: if you are diagnosed with a covered critical illness, your coverage pays the outstanding insured balance of your loan to a maximum of $90,000.  You can apply for coverage through age 59. The maximum loan term of 180 months; coverage ends when you turn 75.

See policy for full coverage details, including restrictions.

 

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