Debt Protection

We live in uncertain times. 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.

Debt protection is a voluntary loan payment protection product that helps you get relief from financial burdens of delinquency, default or foreclosure if a protected life event unexpectedly happens to you. Depending on the package you select, debt protection can cancel or postpone the principal and interest (or interest only) portion of your loan payment (up to the agreement maximum).

Protected life events include:

  • Involuntary unemployment 

  • Disability

  • Loss of life

All ABCO FCU personal, vehicle, home equity loans, and credit cards are eligible for coverage. The fee for debt protection is specific to the amount and term of your loan and the protection package you select. Contact the Lending Department at 800-225-1859 to learn what it would cost to cover your loan(s). If you decide to add this coverage you can do so right over the telephone.