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.

 

Disclosures

• This product is optional - Your purchase of PayProtect is optional. Whether or not

you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with Progressions Credit Union.

 

• Additional Disclosures- We will give you additional information before you are

required to pay for PayProtect. This information will include a copy of the contract containing the terms and conditions of PayProtect.

 

• Eligibility Requirements, Conditions and Exclusions - There are eligibility requirements, conditions and exclusions that could prevent you from receiving benefits. You should carefully read your PayProtect contract for a full explanation

of the terms and conditions of the PayProtect program.