What is Payment Protection?

Payment Protection

A Cambrian loan or mortgage can help make your dreams come true, when you dream them. You can buy a new house, upgrade to a newer vehicle, invest in education or renovate your home.

But what happens when life throws the unexpected at you and you are unable to keep making your loan or mortgage payments?

Payment Protection* is a great way to stay on your path and reduce your debt, regardless of what life may throw your way, because it will cover your loan or mortgage payments in the event you become sick or injured or pass away.

How does Payment Protection Work?

Protection for you and your family

SafeIcon

With Payment Protection, should you become sick or injured, your loan or mortgage payments would be made for you. If you already have disability coverage, through work for example, you can use those funds to cover your basic living expenses and let Payment Protection take care of your loan payments.

If you were to pass away, your insured loan or mortgage balance would be paid off in full.

Preserve your savings 

With Payment Protection, you won’t have to tap into your hard-earned savingsPiggyBankIcon because your loan or mortgage payments would be made for you. You can use your savings as you had intended or keep them for other expenses.

Protect your credit rating

WalletIcon

One or more late loan payments can lower your credit rating, which could affect your ability to borrow in the future or increase your interest rate.

With Payment Protection, if you become sick or injured, your loan or mortgage payments will be made for you so that your credit score will not suffer.

How do I get Payment Protection?

Easy Enrollment

Your Cambrian Financial Services Officer can enroll you in Payment Protection* for your loan or mortgage. All you need to do is ask.

Contact your Cambrian Financial Services Officer to discuss.

 

  

*Payment Protection is optional and is underwritten and provided by CUMIS Life Insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.