Five Star’s Credit Protection helps alleviate the stress and worry of making loan payments when your life takes an unexpected turn. It covers events such as death, disability, involuntary job loss, and family leave. This is a great option for an Express Loan, auto loan, personal loan, or a personal line of credit. Credit Protection is usually secured at the time of the loan application. The premium is included with your monthly loan payment, however it can be added at any time.
We Offer a number of different plans that fit your needs and budget. There are five different options with coverage that includes some or all of the following:
- Death: cancel loan balances
- Terminal condition: cancels up to 12 payments if the borrower is diagnosed with a terminal condition. If the borrower dies while receiving the terminal condition benefit, the monthly payment benefit will cease and the remaining outstanding balance will be canceled
- Disability: cancels 12 payments
- Involuntary unemployment: cancels six payments
- Family Leave: cancels three payments
The price for each plan depends on the level of coverage and conditions you are looking to cover. Here are some parameters that must be met to qualify for credit protection including:
- Up to the age of 70
- During the last two years, have not been advisedof, or treated for, or taken any medication for heart attack or other heart disease or disorder, coronary artery disease, cancer, stroke, cirrhosis, AIDS, or positive HIV test
- Must be working at least 24 hours per week
- Must not be self employed
- Have not received unemployment benefits within the past two years
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, call 888-619-1711 option 2 to find the plan that works best for you.
More Coverage for Your Loans
Repairs to a vehicle can become costly quick and also break your budget. Five Star offers members’ three levels of extended warranty protection for their vehicle and the best part – it will save you money.
GAP (Guaranteed Asset Protection)
If your vehicle is totaled or stolen, your primary insurance carrier will usually pay only the actual cash value (current market value) of your vehicle less your deductible. This amount could be substantially lower than your loan balance. The final result is a financial GAP where you must pay the difference between your loan balance and your insurance settlement, which could mean thousands of dollars out of your pocket.
Many members choose GAP (Guaranteed Asset Protection). GAP Coverage helps eliminate the out-of-pocket expense you would incur to pay off your loan should your vehicle be stolen or totaled.
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