We all worry about the unknown. With Debt Protection from Cyprus Credit Union, you can add a second layer of protection to your loans to build up financial security should the unexpected happen.
Submit a claim today and get peace of mind for whatever happens in the future.
When the unexpected happens, whether because of injury, illness, or accidental death, bills can pile up. We’re here to help. Debt Protection may help to eliminate your debt. Debt Protection can:
Eliminate all or part of your loan
Debt protection can give you peace of mind from your loan payments because of a financial emergency by covering loan balances.
Protect your credit rating
Falling behind on loan payments can significantly hurt your credit. Debt Protection can help protect your credit score to prevent any issues securing future loans.
Protect your family and your possessions
Avoid the risk of losing your most valuable items and focus on ensuring your family has the support they need.
Free up cash when you need it most
By reducing the financial load of keeping up with loan payments, you can free up your savings to cover your emergency needs.
How to sign up for Debt Protection
In just a few steps, you can add Debt Protection to your loan and safeguard your financial well-being.
Consult with our lending experts
Speak with our lending team to discuss the details of the Debt Protection program and determine the best option for your needs.
Choose your plan
Select the right plan coverage for you and enroll. Your purchase is optional and doesn’t affect your application or existing credit terms.
Activate your coverage
Once enrolled, Debt Protection is integrated into your loan, covering you when you can't make payments due to qualifying events.
Submit a claim
If an unexpected event occurs, submit a claim to activate benefits. Review your contract for eligibility requirements, conditions, and exclusions.
Select Your Level of Protection
Enrolling is easy! Choose a plan that best suits your protection needs, with no medical exam required.
Option 1
Loss of Life
We will pay the remaining loan balance in the event of the insured member’s death.
Option 2
Disability
We will pay loan payments in the event of a disabling injury or illness.
Option 3
Loss of Life and Disability
Options 1 & 2 combined.
Option 4
Loss of Life, Disability, & Involuntary Unemployment
Option 3 plus monthly installment in case of involuntary unemployment for six months.
Debt Protection FAQs
Is Debt Protection required with my loan?
No. Debt Protection is optional and choosing not to purchase it won’t affect your credit application or the terms of your existing loan.
When does Debt Protection take effect?
Coverage and eligibility depend on the terms of your Debt Protection agreement. Be sure to review the contract for applicable conditions, limitations and exclusions.
Can I add Debt Protection to an existing loan?
Availability may depend on your loan and the specific protection you choose. Contact our lending team to discuss your options.
How do I file a Debt Protection claim?
You can submit a Debt Protection claim online or contact Cyprus Credit Union’s lending team for help getting started.
Secure Your Finances from the Unexpected Today
Protect your family, your credit, and yourself with Debt Protection services from Cyprus Credit Union.
Call 801-260-7600 or schedule an appointment at your nearest branch to meet with our lending team and learn more about your Debt Protection options.
Your purchase of Debt Protection is optional. Whether or not you purchase Debt Protection will not affect your application for credit or the terms of any existing credit agreement you have with Cyprus Credit Union. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under Debt Protection. Carefully read the contract for a full explanation of the terms.
