Debt Protection

MEMBER'S CHOICE™ Borrower Security

MEMBER'S CHOICE™ Borrower Security
helps protect your dreams and safeguard your family from financial hardship, and it protects your collateral and good credit history, all for just pennies a day.

Ask your Loan Officer for details.

Consumer Loan, Credit Card, & Home Equity Solutions
Taking out a loan means one of your dreams is about to come true -- for example, a new car, boat, or home improvement. But what happens to your dream when the unexpected happens? How can you make sure your family won't shoulder the financial burden of making loan payments when you can't?

Now you don't have to worry about the unexpected because . . .
MEMBER'S CHOICE™ Borrower Security, an optional debt cancellation program, cancels your eligible loan balance, up to the agreement maximum, should you die before paying off your loan.

In addition, if you become disabled due to a covered illness or injury, or become involuntarily unemployed, MEMBER'S CHOICE™ Borrower Security can cancel or defer your monthly loan payment, up to the agreement maximum.

With payment cancellation, both the principal and interest portion of your loan payment are cancelled (up to the agreement maximum), and your loan balance declines.

With interest cancellation, the principal portion of your loan payment is deferred and the interest portion is cancelled (up to the agreement limit), and the loan balance neither increases nor decreases.

With MEMBER'S CHOICE™ Borrower Security, you buy enough protection to cover your loan balance, and that saves you money. Other benefits include:

• Protects your credit rating.
• Simple eligibility requirements.
• Fast, easy enrollment.
• Immediate coverage for eligible members.
• Convenient - cost is included in your loan payment.

Consumer Loan Protection

• Cancels your loan balance up to $50,000 in the event of death.
• Cancels your monthly payments for up to 12 months or $12,000 if disabled by a protected illness or injury.
• Cancels your loan payments for up to 6 months or $3,000 if involuntarily unemployed.

Home Equity Protection

• Cancels your loan balance up to $50,000 in the event of death.
• Two options for protected illness or injury disabilities:
  • Cancels loan payments up to 12 months or $12,000.
  • Cancels interest portion & defers principal portion of payment up to 12 months or $12,000.
• Two options for Involuntary Unemployment:
  • Cancels loan payments up to 6 months or $3,000.
  • Cancels interest portion & defers principal portion of payment up to 6 months or $3,000.

Credit Card Protection

• Cancels your credit card balance up to $50,000 in the event of death.
• Cancels your loan payments for up to 12 months or $12,000 if disabled by a protected illness or injury.
• Pays your loan payments for up to 6 months or $3,000 if involuntarily unemployed.

Member's Choice™ Borrower Security is a debt protection product offered by St. Cloud Federal Credit Union. Enrollment in this debt protection is voluntary and not required to obtain a loan. Please contact your Credit Union Loan Officer for additional information about eligibility, terms, conditions, and exclusions.