What is Loan Payment Protection?

It’s a special two-party contract between American Quarter Insurance and a loan borrower. This insurance policy can eliminate the loan in the event of loss of life.  It can cover monthly payments for a period of time if involuntary unemployed, disabled, or suffered other specified hardship.  These types of policies are generally based on the percentage of the monthly loan amount payment and the level of coverage the borrower wants.

Payment Protection Benefits

Insurance that goes with your home improvement loan
Protects you during times of financial stress
Temporarily cancels your loan payment without penalty

How Payment Protection works

Payment Protection offered by American Quarter Insurance helps relieve the financial stress and worry related to making loan payments when your life takes an unexpected turn.

Your loan payment will be canceled for a period of time without penalty, added interest, or being reported as delinquent to the credit bureau when one of the following covered events occur:

• Death – gives your family time to get back on its feet financially.
• Disability – helps you avoid bills piling up as you try to regain your health and earning capacity. Use as a supplement to any disability coverage you may have at work (which usually covers only 60 percent of pay).
• Involuntary Unemployment – gives you assurance during a difficult time that one of your major monthly expenses will be taken care of as you search for new employment.
• Family Medical Leave – helps your family with a major expense during what is often an unusually hectic time – a leave from your job for family or medical reasons.
• Hospital Stay – provides peace-of-mind and one less worry while you’re in the hospital.

* Payment Protection is available for closed-end consumer loans (if the loan has a term of up to 180 months or less) and up to $100,000.  Refer to your plan documentation for specific terms and conditions.