MEMBER’S CHOICE (TM) Borrower Security

Protect your loan and help preserve your standard of living.

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 (to no fault of your own), or become disabled (due to injury or illness), or pass away, leaving 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.

Help play it safe.

 MEMBER’S CHOICE Borrower Security * 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. And, simple eligibility requirements ease the enrollment process.

Protection that matters.

If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), MEMBER’S CHOICE Borrower Security will cancel or reduce repayment 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

Almost 9-out-of-10 disabling accidents and illnesses are not work related and not covered by worker’s compensation benefits. (National Safety Council, Injury Facts, 2008 Edition)

A disabling injury occurs every second, while a fatal injury occurs every 4 minutes in the U.S. (National Safety Council, Injury Facts, 2008 Edition)

Long-term unemployment in the United States has risen to its highest level since the Great Depression, as those who have lost jobs have found it difficult to find new ones. www.nytimes.com, On the Unemployment Line, Unable to Move, July 11, 2009

 

* MEMBER’S CHOICE Borrower Security is a debt protection product offered by Denver Community Credit Union. Enrollment in this debt protection product is voluntary and not required to obtain a loan. Please contact a Denver Community Credit Union loan officer for additional information on benefit maximums, eligibility, limitations, and a copy of your contract.

DPGAP-1210-CEF3