Payment Protection Insurance
Preparing you and your family financially for the unexpected
Would your family be able to survive financially in the event of your death or disability? Payment Protection is optional insurance you can purchase on most Dollar Bank consumer loans to help with payments if something unexpected occurs. Joint payment protection may also be available for co-borrowers. Payments are affordable and are included in your monthly payment.
We offer two types of Payment Protection:
- Credit life insurance pays off the insured balance on your loan if you should die.
- Credit disability insurance covers your loan payment (up to the contract limit) if you become ill or disabled and are unable to work.
Benefits of Payment Protection
Apply for Payment Protection at the time of loan application. Plus, on all loans, your monthly insurance premium is included in your monthly payment.
General health questions will be asked at the application for Payment Protection.
Life and long-term disability benefits provided by your employer do not always cover 100% of your take-home pay and may only last for up to six months. You may also have a required waiting period before you receive any payments. Check with your employer for details and to determine if they even offer long-term disability benefits.
Social security long-term disability has limitations also. Disbursements are capped at a portion of your take-home pay and don’t begin until after six months of filing your claim.
Purchasing additional Payment Protection can help to ensure that your debts are repaid while on disability so you can concentrate on regaining your health.*
Your monthly premium depends on where you live, your loan amount and the coverage selected. Please contact your local Dollar Bank office for specific rate information.
Your credit rating is also protected by ensuring your loan will not end up in default in the event of your disability or death.
Signing up for Payment Protection is Easy
When you sign up for Payment Protection at the time of your application for a consumer loan, your insurance becomes effective as soon as your loan is finalized. And it’s likely that you won’t have to take a medical exam.
If after 30 days of your loan approval, you decide that you would like insurance, you’ll be required to provide evidence of good health in order to receive coverage.
For more information, please call 1-866-588-3242.
Contact Dollar Bank Insurance Agency
NOT FDIC INSURED. NOT A DEPOSIT. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY DOLLAR BANK, FEDERAL SAVINGS BANK. MAY GO DOWN IN VALUE.
Payment Protection (also known as Credit Insurance) is not a deposit or obligation of, or guaranteed by, Dollar Bank or its affiliates. Payment Protection is not insured or guaranteed by an agency of the federal government. Your credit approval cannot be conditioned on whether you purchase Credit Insurance. You may obtain insurance to protect your loan from an entity not affiliated with Dollar Bank.