Debt Protection Plans
We offer Debt Protection Plans to help protect your loan, and preserve your standard of living.
Play it safe.
Whether you’re taking out a loan to make home improvements or buy a vehicle, it can be a financial gamble because things happen…life happens.
You’re betting you can pay back your loan and you won’t lose your job (through no fault of your own), or become disabled (due to injury or illness), or pass away, which could leave your family responsible for your loan balance. Life events can cause financial hardship, making bill-paying difficult. You don’t want delinquent payments and defaulted loans to cause you to lose your assets, negatively impact your credit rating, or cause financial distress for your family.
Bangor Federal’s Debt Protection Plan is a voluntary loan-payment protection product that helps you get relief from the financial burden of delinquency, default, or foreclosure if a protected life event unexpectedly happens to you.
If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), Bangor Federal will cancel or reduce payment of your loan debt – helping to lessen your worries, and your family’s worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging. Protected events include:
- Loss of life, including those caused by acts of war
- Disability, including those caused by acts of war
- Involuntary unemployment
*Your purchase of Bangor Federal’s Debt Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of Bangor Federal’s Debt Protection Plan. Debt Protection is not a deposit and is not federally insured or guaranteed by Bangor Federal Credit Union.