Loan Protection Products
Delta Community Payment Protection1 is a voluntary loan-payment protection product that helps you preserve your family's standard of living. It provides relief from the financial burden of delinquency, default, or foreclosure if a protected life event unexpectedly happens to you, including:
- Loss of life, including those caused by acts of war
- Disability, including those caused by acts of war
- Involuntary unemployment
Sometimes taking out a loan can be a financial gamble. You're betting you can pay back your loan and you won't lose your job, leaving your family responsible for your loan balance.
Delta Community's Payment Protection
If you have a loan with Delta Community or if you're thinking about taking out a loan, Delta Community Payment Protection can help take away the financial gamble by protecting your payments. Whether borrowing to make home improvements or to buy a vehicle, it's nice to know you don't have to worry if you should be out of work, become disabled or pass away.
If a protected life event happens to you (and you're a protected borrower or co-borrower on the loan for Visa® only), Delta Community Credit Union will cancel or reduce repayment of your loan debt—helping to lessen your worries, and your family's worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging.
Member Value Features and Benefits:
- Simple eligibility requirements ease the enrollment process
- Enrollment for protection can occur any time during the loan
- 25 hours a work week minimum
- Acts of war for death and disability are protected
- No maximum monthly payment limitation
- Single protection on all consumer loans
- Single and/or joint protection (Visa only)
- Accident-only, accident and illness protection
- Can pay multiple times over the duration of the loan for non-life events
Consumer Loans - 3 Options:
- Protection for loss of life
- Protection for loss of life and disability
- Protection for loss of life, disability and involuntary unemployment
- Single/Joint coverage
- Protection includes loss of life, disability and involuntary unemployment
Since most insurance companies only cover the actual cash value of a vehicle, Delta Community offers Guaranteed Asset Protection (GAP)2 on your Vehicle Loan. This type of protection will cover the "gap" by paying the difference between your loan balance and the amount your insurance company would pay to replace your vehicle if it were totaled or stolen. The GAP payment covers your insurance deductible up to $1,000 and is available for purchase at the time of financing with Delta Community. We want to help protect you and your finances. When you're in the market for a car loan, call us at 800-544-3328 to learn more about GAP.
1Delta Community Payment Protection is a debt protection product offered by Delta Community Credit Union. Enrollment in this debt protection product is voluntary and not required to obtain a loan. Please contact a Delta Community Loan Officer for additional information on benefit maximums, eligibility, limitations, and a copy of your contract.
2Guaranteed Asset Protection, or GAP, is collateral value protection coverage offered by Delta Community Credit Union. Enrollment in this collateral value protection coverage is voluntary and not required to obtain the loan. A single pay feature may be available. Additional disclosures will be provided describing terms, conditions, refunds and cancellations prior to premium payment. Please contact a Delta Community Loan Officer for additional information on benefit maximums, eligibility, limitations and a copy of your contract.