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  1. Home
  2. Debt Protection
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Debt Protection

Helping you protect what matters most.

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Financial security

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Flexible options

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Affordable premiums

Debt Protection Plans

Life is unpredictable, but your finances don’t have to be. In the case of unplanned events such as death, disability or involuntary unemployment, our Debt Protection program may cancel your loan balance or monthly loan payments without penalty or added interest.

Premium

Advanced

Basic

Loss of Life

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Disability

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Involuntary Unemployment

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Cost*

$2.10/mo per $1000 of loan balance

$1.20/mo per $1000 of loan balance

$.88/mo per $1000 of loan balance

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.

Loss of life: Cancellation of the remaining loan balance as of the date of death, covering up to $70,000 total.

Disability: Supplements your employer’s disability program up to 12 payments per occurrence covering up to $1,000 per month and $24,000 total.

Involuntary Unemployment: Cancellation of up to 6 payments per occurrence, covering up to $1,000 per month and $15,000 total.

Features & Benefits

Easy

Log in to your account to set up your Debt Protection or call us at 1-800-247-5626.

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Budget friendly

Your protection adds a small amount to your monthly payment.

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Peace of mind

Rest easy knowing that your family is protected in the case of death, disability, or job loss.

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Additional Information

In addition to adding the benefit during the application process, you can also add the Debt Protection plan during the six-month eligibility period. For more information or to see if your loan is eligible for optional Debt Protection, call a PenFed representative at 1-800-247-5626.

FAQs

PenFed Debt Protection provides an important sense of financial security – knowing that your loan balance or monthly payments may be cancelled without penalty or added interest in times of hardship.

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.

Talk to a representative today by calling 1-800-247-5626 to learn the details about our optional PenFed Debt Protection plan.

Click Here to View a Sample Loan Addendum

Disclosures

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.

Additional disclosures

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.

Debt Protection is not a deposit or obligation of, or guaranteed by PenFed. Debt Protection is not insured or guaranteed by NCUA or any agency of the federal government.

You may obtain coverage to protect your loan from an entity not affiliated with PenFed.

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This credit union is federally insured by the National Credit Union Administration. Rates are current as of May 2025 unless otherwise noted and are subject to change.

APY = Annual Percentage Yield
APR = Annual Percentage Rate


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Routing #256078446

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