payment protection
There is a wide range of unexpected events that could leave you and your family in a financial hardship to pay the monthly bills. That's why it is important for you to take action to safeguard your family against these types of events to help ensure loan payments can be made on time. That's where BlueOx Credit Union Payment Protection comes in.
Under the Payment Protection program, your loan balance may be canceled or your monthly loan payments canceled without penalty or added interest. You benefit from the peace of mind knowing you and your credit rating are protected - and most importantly - that your family is protected.
availability and plan options
Payment Protection is available for closed-end consumer loans, consumer lines of credit, closed-end home equity loans (i.e., second mortgages), recreational vehicle loans and credit cards. Choose from the plan options listed below:
| Platinum | Gold | Silver | Bronze | |
|---|---|---|---|---|
| Death* | ||||
| Disability | ||||
| Involuntary Unemployment | ||||
| Rates per $1,000 of monthly loan balance | $3.50 | $3.00 | $2.50 |
Consumer Loans and Credit Cards: $1.25 Home Equity Loans: $1.50 |
*Death benefit includes the following additonal benefits: Terminal Condition, Hospital Stay, Family Leave and Accidental Dismemberment
definitions of coverage
If you meet eligibility requirements and conditions, Payment Protection will provide the following benefits:
Death and Accidental Dismemberment: Helps your family get back on their feet financially with the cancellation of your loan.
- Platinum, Silver and Bronze: Cancels the remaining loan balance as of date of death (up to $75,000)
- For credit cards only: Cancels the remaining credit card balance as of date of death (up to $50,000)
Terminal Condition: Help your family during a difficult time.
- Platinum, Silver and Bronze: Cancels loan balance if borrower is diagnosed with a life expectancy of 12 months or less (up to $75,000)
- For credit cards only: Cancels credit card balance if borrower is diagnosed with a life expectancy of 12 months or less (up to $50,000)
Family Leave and Hospital Stay: Give your family one less worry when a leave from your job for family or medical reasons is necessary.
- Platinum, Silver and Bronze: Cancels up to 3 payments per occurrence (aggregate maximum of $3,000, up to $1,000 per month)
Disability: Cancels your loan payments for a period of time as you regain your health.
- Platinum, Gold and Silver: Cancels up to 24 payments per occurrence (aggregate maximum of $24,000, up to $1,000 per month)
Involuntary Unemployment: Helps ensure your loan payment will be taken care of as you search for new employement.
- Platinum and Gold: Cancels up to 5 payments per occurrence (aggregate maximum $15,000, up to $1,000 per month)
designed with you in mind
More than ever, we all worry about things that might happen tomorrow. Payment Protection provides an important sense of financial security - knowing your loan will not become a burden to you in times of hardship.
cancel at any time
You may cancel Payment Protection at any time. If you do so within the first 30 days, we will refund any fees already paid.
interested in learning more or signing up?
To learn more about our Payment Protection program or to sign up, stop by any of our branches, call a Member Service Advisor at (800) 648-8035 or fill out the form below.
This product is optional
Your purchase of debt protection 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 us.
Additional disclosures
We will give you additional information before you are required to pay for debt protection. This information will include a copy of the contract containing the terms and conditions of debt protection.
Eligibility requirements, conditions and exclusions
There are eligibility requirements, conditions and exclusions that could prevent you from receiving debt protection benefits. You should carefully read your debt protection contract for a full explanation of the terms and conditions of the debt protection program.