Life is unpredictable. With the PenFed Debt Protection plan, your loan balance may be canceled or your monthly loan payments canceled without penalty or added interest. You benefit from the peace of mind knowing you and your credit rating are protected – and most importantly – that your family is protected.
How much does PenFed Debt Protection cost?
Availability and plan options
PenFed Debt Protection is available for most Closed-end consumer installment loans if the loan has a term of 120 months or less, most consumer lines of credit, and credit cards. Choose from the plan options listed below:
|Loss of Life
|Rate per $1,000 of
monthly loan balance
Loss of Life – Give your family time to get back on their feet financially.
– All Plans: Cancels the remaining loan balance as of date of death (up to $70,000).
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.
– Plans 1 and 2: Cancels up to 12 payments per occurrence (aggregate maximum of $24,000, up to $1,000 per month).
Involuntary Unemployment – Ensure your loan payment will be taken care of as you search for new employment.
– Plan 1: Cancels up to 6 payments per occurrence (aggregate maximum $15,000, up to $1,000 per month).
Designed with you in mind
More than ever, we all worry about things that might happen tomorrow. PenFed Debt Protection provides an important sense of financial security – knowing your loan will not become a burden to you in times of hardship.
Cancel at any time
You may cancel PenFed Debt Protection at any time. If you do so within the first 30 days, we will refund any fees already paid.
Want to learn more?
Talk to a representative today by calling 800-247-5626 to learn the details about our optional PenFed Debt Protection plan.
Click Here to View a Sample Loan Addendum
This product is optional
Your purchase of debt protection is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us.
We will give you additional information before you are required to pay for PenFed Debt Protection. This information will include a copy of the agreement containing the terms and conditions of PenFed Debt Protection.
Eligibility requirements, conditions, and exclusions
There are eligibility requirements, conditions and exclusions that could prevent you from receiving debt protection benefits. You should carefully read your PenFed Debt Protection agreement for a full explanation of the terms and conditions of the PenFed Debt Protection plan.