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Loan Debt Cancellation Protection

Loan Debt Cancellation Protection



Vectra Bank is pleased to offer debt cancellation protection to provide you the peace of mind that your debt could be canceled or reduced in the event of a covered death, disability or, involuntary unemployment.

THE PROBLEM

If you should die, become totally disabled, or become involuntarily unemployed, the financial commitment you made on your loan still remains. Unfortunately, you may have no choice but to:

  • Leave your family with a financial burden;
  • Deplete your savings;
  • Fall behind in your loan payments;
  • Damage your credit rating; or
  • Lose property due to repossession or foreclosure.

Could you still meet all of your financial obligations if your income was reduced by up to 40%? Families face a challenge when a primary income-earner dies. You may already have life insurance, but more likely, you intended this money to support your family, not to pay off your outstanding loans.

THE SOLUTION - DEBT CANCELLATION PROTECTION

Fortunately, debt cancellation protection is an affordable step you can take toward protecting yourself or your family from unnecessary financial burdens.

Security and peace of mind for you, your family, your investment and your credit.

  • Fast, easy application
  • No medical exam required*
  • Easy payment

Debt cancellation protection offers you a variety protection options:

TOTAL DISABILITY PROTECTION
While protected, if you are totally disabled due to a protected event, we will cancel all or a portion of the scheduled loan payment, during your period of total disability. Hospitalization is not required.

LOSS OF LIFE PROTECTION
While protected, if you die due to a protected event, we will cancel all or a portion of the outstanding loan balance.

CRITICAL PERIOD - TOTAL DISABILITY /
INVOLUNTARY UNEMPLOYMENT PROTECTION

While protected, if you become involuntarily unemployed more than 90 days after the effective date of protection, due to a protected event, we will cancel all or a portion of the scheduled loan payment, during your period of involuntary unemployment. While protected, if you are totally disabled due to a protected event, we will cancel all or a portion of the scheduled loan payment, during your period of total disability. Hospitalization is not required.

LEARN MORE TODAY!

If you are interested in debt cancellation protection and would like to learn more, please talk to your local Vectra banker or call 1-800-880-1548.

APPLYING FOR PROTECTION

As soon as the loan is approved, you are eligible to apply for debt cancellation protection. No medical examination is required.* If your application is approved, your coverage is effective as of the date of the loan.

EASY PAYMENT PLAN

Paying for the cost of your debt cancellation protection is simple. The fee is paid with the scheduled loan payment, so there is no need to write an extra check or remember an extra due date.

EXCEPTIONS

As with any type of protection plan available today, certain exceptions do apply. You should carefully read the debt cancellation addendum for a full explanation of the eligibility requirements, terms, conditions, limitations and exclusions of our debt cancellation plan.

LEARN MORE TODAY!

If you are interested in debt cancellation protection and would like to learn more, please talk to your local Vectra banker or call 1-800-880-1548.


Additional Information

This web page serves only as a summary of our debt cancellation protection options. Contact your Vectra Banker and please read the debt cancellation addendum for specific details of the protection.

This Product is Optional
Your purchase of debt cancellation is optional. Whether or not you purchase debt cancellation 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 cancellation. This information will include a copy of the contract containing the terms of debt cancellation.

Eligibility Requirements, Conditions & Exclusions
There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under debt cancellation. You should carefully read the contract for a full explanation of the terms of debt cancellation.

* Approval may depend on answers to health questions/ statements in the debt cancellation application.

To download this information as a PDF click here.