Debt Protection Plans

Debt protection is a type of plan(s) available to you or a loved one that helps relieve one’s financial pressure in the event of a death, disability, or involuntary unemployment. Your loan balance or monthly payment will be canceled without penalty or added interest to give you peace of mind knowing your credit rating is protected (limitations and restrictions apply). As a member of Fitzsimons, we work with you to customize every detail to ensure your financial security.

Choose from the three plans listed below:

Plan Details
Plan 1
Plan 2
Plan 3
Death
X
X
X
Disability
X
X
--
Involuntary Unemployment
X
--
--
Rate per $1,000 of loan balance - Single
$2.69
$1.57
$0.71
Rate per $1,000 of loan balance - Joint
$4.86
$2.76
$1.13

Availability

Debt Protection is available for closed-end consumer loans of 120 months or less, credit cards, closed-end home equity loans of 120 months or less.

Eligibility

There are eligibility requirements, conditions, and exclusions that apply to this program. Please contact us for additional details about the Debt Protection program.

Definitions of Coverage

Death - Give your family time to get back on their feet financially. Plans 1, 2, and 3 - cancel loan balance as of date of death up to a maximum of $75,000.

Disability - Help avoid bills piling up as you try to regain your health and earning capacity. Use this benefit as a supplement to any disability coverage you may have at work (which usually only covers 60 percent of pay). Plans 1 and 2 - cancel up to six payments per occurrence with maximum monthly cancellation of $1,000 and a maximum aggregate benefit of $15,000 over the term of the loan per borrower.

Involuntary Unemployment - Ensure that one of your major monthly expenses will be taken care of as you search for new employment. Plan 1 - cancels up to four payments per occurrence with a maximum monthly cancellation of $1,000 and a maximum aggregate benefit of $15,000 over the term of the loan per borrower.

Debt protection may be added when you first apply for a loan or when you refinance your current loan.t. 

GAP Insurance

Our partner, Allied Solutions offers GAP Vehicle Insurance to protect you and your investment.

GAP helps you avoid financial loss in the event the vehicle is totaled or stolen. Since insurance settlements are based on the car’s actual cash value, they are often less than the loan balance, which creates a deficiency balance or “gap” that could jeopardize repayment. GAP waives the deficiency balance, saving the borrower and financial institution from a possible loan loss.

Our GAP Vehicle Insurance product covers the "gap" up to 125% of the value of the vehicle and you also receive $1,000 toward the purchase of your new vehicle. 

We also offer Auto Deductible Reimbursement, a unique feature that is an auto deductible reimbursement benefit that covers all autos the benefit holder owns and insures. In the event of a loss, the benefit holder can receive reimbursement for their auto insurance deductible.

Speak to one of our Financial Consultants at 303-226-8509 about how we can help protect you and your investment with GAP Vehicle Insurance.

GAP Insurance

Mechanical Breakdown Protection

You can be sure your investment is protected when faced with an unexpected mechanical or electrical failure with our comprehensive MBP program that provides you with valuable protection against costly vehicle repairs, as well as fast claims service with direct payment to the repair facility. As a result, you will enjoy worry-free driving with the peace of mind that comes from knowing that tomorrow’s repair cost is paid for at today’s prices.

Call one of our Financial Consultants at 303-226-8509 for a free quote and have peace of mind today!

Federally insured by NCUA |  Equal Opportunity Lender  |  © 2019 Fitzsimons Credit Union  |  303-340-3343  |  1-800-933-5839

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