Applying for a new loan can be exciting, but stressful. What if you’re unable to make a payment because you lost your job or you had to go to the hospital? Worse yet, what if something catastrophic happens and you’re unable to work at all?
Fortunately, First Alliance Credit Union members have the benefit of adding debt protection plans to most loans through our partners, CUNA Mutual Group. If unexpected life events render you unable to make payments on your loan, a debt protection plan can provide you a measure of financial relief.
When you add a debt protection plan (also commonly referred to as a payment protection products) on your eligible First Alliance loan, you’re essentially adding insurance coverage on that loan in case something unexpected happens to you.
First Alliance's debt protection plans can offer payment protection for unfortunate events such as:
If you experience a protected event and you’ve purchased debt protection on a loan prior to the event, you can file a debt protection claim with our partner CUNA Mutual Group to get financial relief. The protection plan could cover multiple payments on your loans or even pay off your loan balance up to a certain amount, depending upon the specific event and your selected plans coverage.
The advantages of a debt protection plan should be obvious. If you worry about falling behind on your loans due to unexpected life events or if you’re worried about your finances due to living in uncertain times, a debt protection plan can save you, and your family, from falling into a financial hole. It can also give you some peace of mind.
If you want debt protection on a loan, talk to a First Alliance Lending Advisor today. They will work with you to get debt protection placed on any eligible loan. You will also have the option to add a plan to your loan during the online loan application process.
There will be an affordable monthly premium for the debt protection service. The premium will be folded in to your monthly First Alliance loan payment, so you don't have to worry about paying an extra bill. Even better, the premium is determined by on the balance of your loan, so the more of your loan you pay off, the less you'll have to pay for debt protection over time.
If the worst happens and you do need to file a debt protection claim, the process is quick and easy, thanks to the debt protection claims portal in our online resource center. However, you can also call 1-844-707-4964 to begin the process and a CUNA Mutual Group Claims Specialist will guide you through the process.
The online claims portal, however, offers you several advantages when it's time to file a claim. First, you can quickly and easily submit your claim information. Second, you will be able to monitor the status of your claims more closely, including when you can expect a decision on the claim and when a payment will be authorized to your First Alliance loan.
When a difficult life situation arises, the last thing you want to have to think about is how you’ll be able to make your loan payments or pay off your loans at all. Debt protection can offer you some relief if you find yourself in one of those life situations. Debt protection can also grant you peace of mind, and and since the payments are included in your monthly loan payment you don't have to worry about paying an extra bill.
If you’re going through a difficult life situation, you should also know that when you become a member of First Alliance Credit Union you can take advantage of the many services we offer to our members to help you through a financial hardship, like payment protection plans. Or if you originally opted out of a debt protection plan for your loan, you can still find temporary relief from a loan payment with our Anytime Skip a Pay service.
Want more information? Listen to the episode of our Good Money Moves podcast about managing money in uncertain times.
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