PERSONAL LOAN PAYMENT PROTECTION PLAN Protecting your credit when you need it most
Assurant covers you when the unexpected happens
When facing an unforeseen event that keeps you from meeting your obligations with creditors, we provide help by protecting your personal loan payment with coverage for events such as natural or accidental death, dismemberment, hospitalization, critical illness, involuntary unemployment or any temporary or permanent disability.
What coverages are available under the Loan Payment Protection Plan?
LIFE
If you or the cosigner of your loan should die while your coverage is active, your loan balance will be paid or reduced.
DISABILITY
If a disability prevent your form working due to an illness or accident, your monthly loan payment will be covered
UNEMPLOYMENT
If you lose your job for reasons beyond your control, your monthly loan payment will be covered.
CRITICAL ILLNESS
If you receive an initial diagnosis of cancer, stroke, heart attack, or affection to the coronary arteries, your loan balance will be paid or reduced.
HOSPITALIZATION
If you are hospitalized for at least one night, your monthly loan payment will be covered. If the hospitalization extends longer than two months, your loan balance will be paid or reduced.
Always remember to check the terms and conditions of your certificate for more details on limits and exclusions that may apply.
FREQUENTLY ASKED QUESTIONS
Click on one of the questions listed below to view it’s corresponding answer
- GENERAL INFORMATION
- YOUR COVERAGE
- FILE A CLAIM
This plan allows you to conveniently include coverages such as: life, disability, unemployment, critical illness, or hospitalization, without any physical exams or medical tests.
Also, it allows you to protect your credit and future borrowing power; get coverage for the cosigner and enjoy the peace of mind knowing that you and your family will be safe if, for any of the reasons covered in your policy, you could not pay your creditor.
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LIFE: The life Insurance coverage is designed to offer you and your family some peace of mind when facing the unexpected. If you or the cosigner of you loan should die while your coverage is active, your loan balance will be paid or reduced. This will occur according to the terms disclosed in the Insurance Certificate included in your loan documents.
The insured amount will include the principal and the insurance premiums only, excluding interest fees. Upon the inevitable, the insurance payout is made to cover the net total balance plus the equivalent to three monthly payments of the loan.
Exclusions: This plan does not provide protection in the event of suicide during the first two years of coverage.
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DISABILITY: With Credit Disability Insurance you will enjoy peace of mind knowing that if a disability prevents you from working due to an illness or accident, your loan payment will be covered. This coverage must be obtained in conjunction with the Credit Life Insurance coverage and protects you during your disability up to the maximum benefit.
Each policy has specific terms regarding the waiting period. Check the terms and conditions of your policy to know your claims eligibility period.
Exclusions: This coverage does not provide protection in case of disability due to a normal pregnancy or childbirth, voluntary abortion, self-inflicted wounds or preexisting conditions.
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INVOLUNTARY UNEMPLOYMENT: The Involuntary Unemployment Credit Insurance may cover your loan monthly payment in the event that you lose your job for reasons beyond your control such as, single or massive lay-off, general strike, termination by employer, union and labor disputes or temporary workplace closing. This policy will protect you while you are unemployed up to the maximum benefit.
Check the terms and conditions of your insurance certificate for details on the eligibility period, the duration of benefits, as well as the maximum benefit amount you would receive while unemployed.
Exclusions: This coverage does not provide protection in case of unemployment resulting from resignation, retirement, pension or jubilation; voluntary termination, death, disability caused by accident, illness, mental health o pregnancy; or dismissal for criminal behavior or intent. Neither does it cover those who are self-employed, work as independent contractor or on seasonal jobs.
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Critical Illness: The Critical Illness Credit Insurance may cover your loan balance should you or your cosigner receive an initial diagnosis of cancer, stroke, heart attack, or undergo bypass surgery. Should any of these happen while the coverage is active, the insurance will pay or reduce the total balance of your loan, up to the maximum policy limit. This will occur according to the terms disclosed in the Insurance Certificate included in your loan documents.
Exclusions: Among other exclusions, this coverage does not provide protection in case of preexisting conditions or noninvasive cancer diagnosis, and stage 1 cancer diagnosis in organs such as the liver.
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Hospitalization: The Hospitalization Credit Insurance covers the monthly payment of your loan, if you are hospitalized, at least for one night, for non-ambulatory procedures.
Exclusions: Among other exclusions, this coverage does not provide protection in case of preexisting conditions, suicide or suicide attempt, hospitalization for medical evaluation and tests for conditions associated to an HIV/AIDS diagnosis
The Payment Protection Plan is designed to protect your specific loan obligation, regardless of any other benefits you may have from other insurance policies