Five Star’s Payment Protection spares you the stress and worry of making loan payments when your life takes an unexpected turn.
Payment Protection Insurance (Credit Life and Disability)
Payment Protection helps relieve the financial stress and worry related to making loan payments when your life takes an unexpected turn. Payment Protection is available on consumer loans.
We Offer Two Types of Payment Protection
- Credit Life Insurance protects your loved ones by reducing or paying off the insured balance of your loan – up to $40,000 – if you die during the term of the loan.
- Credit Disability Insurance pays your loan payments – up to $750 per month per loan – if you become ill or disabled and are unable to work at any time during the term of the loan ($40,000 maximum benefit per loan).
- Cost – Payment Protection rates are established by each state and generally result in reasonable monthly premiums.
- Convenient – Applying for Payment Protection is easy and usually done at the time of the loan application. Your premium is included with your monthly loan payment.
- Eligibility is simplified. You can obtain Payment Protection up to the age of 70 (credit life insurance) and age 65 (credit disability insurance). A medical exam is usually not required, although general health questions may be asked.
If you are applying for a loan now, be sure to get this coverage by checking “yes” on your application. If you already have a loan with us and are interesting in protecting that loan, please call 888-619-1711 to learn more about this valuable coverage.
GAP Insurance (Guaranteed Auto Protection)
If you have a wreck and your insurance company pays you $10,000 for the damage to your totaled car – but, you still owe $15,000 on the car – GAP insurance will pay you the difference and protect your investment and your wallet. Click here to learn more.