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Debt Protection

Debt Protection

Protect your loan. Help protect your credit.
Helps protect your assets and your credit rating in the event of a disability, disabling injury, illness, or unemployment with our MEMBER’S CHOICE (TM) Borrower Security product. Click on the links on the side to learn more.

MEMBER’S CHOICE Borrower Security is a debt protection product offered by Great Basin Federal Credit Union. Enrollment in this debt protection product is voluntary and not required to obtain a loan. Please contact a Great Basin Federal Credit Union member service representative at 775.333.4228 or info@greatbasin.org for additional information on benefit maximums, eligibility, and limitations.
Features & Benefits

Protection that pays.

If a “protected” life event occurs, MEMBER’S CHOICE Borrower Security will cancel or reduce repayment of your loan debt, lessening your worries about paying loans and other bills during a time when other things may take priority. Simple eligibility requirements make enrollment fast and easy. Protected events include:

  • Disability
  • Death
  • Injury and illness
  • Involuntary unemployment
  • Disability and loss of life caused by acts of war

Can your family cope financially if you become disabled, unemployed, or unexpectedly pass away? Is your family able to pay loans plus other household bills or commitments without your financial contribution? An inadequate financial “safety net” can make bill and loan payments difficult to make, causing payments to become delinquent, potentially affecting your ability to acquire future credit.

69% of disabling injuries suffered by workers occurred off the job.

  • Every 13 seconds an American is injured in an automobile accident.
  • Every four seconds an American is injured in their home.
Source: Based on National Safety Council, Injury Facts, 2007 Edition (2005 data)
Frequently Asked Questions
What is MEMBER’S CHOICE Borrower Security?

MEMBER’S CHOICE Borrower Security is an agreement between you and Great Basin Federal Credit Union that, depending on the package selected, can cancel the principal and interest portion of your loan payment, up to the agreement maximum, if you become involuntarily unemployed, sick, or injured. It can also cancel your loan, up to the agreement maximum, in the event of loss of life.

What is cancelled debt?

There are two types of cancellation:

  1. Balance cancellation cancels a debt, up to the agreement maximum, if a member dies.
  2. Payment cancellation cancels the principal and interest portions of a member’s loan payment, up to the agreement maximum, if a member becomes disabled or is victim to another covered event such as involuntary unemployment. The amount is applied to the loan balance the same as if the payment had been made.

Why would I need this protection if I have disability benefits through my employer?
Employer disability benefit packages may cover only a portion of your salary or offer no protection at all. Could you meet all your obligations on your employer’s disability benefits if you were off work due to illness or injury for more than a month?

My spouse works. Why should I get debt protection?

If you live on two incomes to maintain your current standard of living, then losing an income stream can negatively impact your family’s lifestyle or make it difficult to meet basic living expenses.

Is debt protection expensive?

The fee is specific to the amount and term of your loan and the protection package you select. And, protection ends when the loan is cancelled or postponed.

Do I have to qualify for debt protection?

No. Enrollment procedures are quick and easy and are part of the loan process. Eligibility requirements are simple, and there’s no medical screening.

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