It depends on the plan you select. Below are the 2 options available.
Plan 1
Death — cancels up to 12 consecutive monthly loan payments, up to $1,000 per month or the remaining loan balance, if death occurs during loan term.
Disability — cancels scheduled monthly payment — up to $1,000 per month — for up to the lesser of six months or the remaining loan term. Maximum 12 payment cancellations during loan term.
Involuntary Unemployment — cancels scheduled monthly payment, up to $1,000 per month, for up to the lesser of 3 months or the remaining loan term. There is a maximum three payment cancellations during loan term.
Hospital Stay — cancels scheduled monthly payment, up to $1,000 per month, for one month or the remaining loan term. There is a maximum of 1 payment cancellation during loan term.
Monthly rate**
Single protection — $3.01 per $1,000 of loan balance. Joint protection is not available.
Plan 2
Death — cancels up to 12 consecutive monthly loan payments, up to $1,000 per month or the remaining loan balance, if death occurs during loan term.
Disability — cancels scheduled monthly payment, up to $1,000 per month, for up to the lesser of 6 months or the remaining loan term. There is a maximum of 12 payment cancellations during the loan term. Only single coverage is available.
Hospital Stay — cancels scheduled monthly payment, up to $1,000 per month, for 1 month or the remaining loan term. There is a maximum one payment cancellation during the loan term.
Monthly rate**: Single protection = $1.78 per $1,000 of loan balance. Joint protection = $2.35 per $1,000 of loan balance.
*Eligibility
There are eligibility requirements, conditions and exclusions that apply to this program. For complete details please contact us at 509-535-0191, 1(800)-828-8691 or info@progressionscu.org. We can provide you with the Progressions Credit Union PayProtect Program Agreement which provides complete details and answers to the most frequently asked questions about this product.
**Monthly cost is based on your loan type and loan amount. It is the same for every customer,regardless of age. Your PayProtect fee is added to your monthly loan payment.