Protect your finances and credit rating. Payment Protection

Payment Protection

Recently, we’ve experienced just how quickly life can change. We want to remind you that RCU Insurance Services offers Payment Protection – a solution to help you proactively safeguard what matters most. In the event of disability, death, or involuntary unemployment, Payment Protection can help you stay out of debt and protect your finances.

Payment Protection:

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Is completely optional.

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Helps you stay out of debt when something unexpected occurs, like a job loss.

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Pays up to six months of minimum payments on consumer loans, or

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Pays up to six months of payments at a minimum of $200 per month and a maximum of $6,000 Visa® credit cards.

Please note, Payment Protection added now will not cover current unemployment due to COVID-19, even after the 90-day waiting period.

If you are interested in adding Payment Protection to your loan or Visa product or discussing your options in more detail, contact us today at (707) 576-5115. We’re here to help.

For more information or to purchase Payment Protection on your consumer loan(s), please call (707) 576-5115 or use the contact form below.

PAYMENT PROTECTION FAQs

Please take a moment to review these common questions regarding Payment Protection.

What protection options does RCUIS offer?

You must be working 25 hours or more per week for options 1 – 4 listed. Option 5 does not require employment.

How long must I keep my policy?

You are free to change or cancel coverage at any time.

What types of loans can I protect?

Consumer loans and Visa® credit cards are covered. HELOC, business, and mortgage loans are not eligible.

Once I purchase protection, how long do I have to wait before I am covered?

You must have coverage for at least 90 days prior to the date of loss to file an Involuntary Unemployment claim. Coverage is effective immediately for Disability and Life claims, excluding cases resulting from a pre-existing condition.

For more information or to purchase Payment Protection on your consumer loan(s), please call (707) 576-5115 or use the contact form below.

PROTECTING CONSUMER LOANS

When the unexpected happens, you have enough to worry about. With Payment Protection, you can take a proactive approach to make sure your payments will still be made on time. If you choose to protect your consumer loan(s), Payment Protection will pay up to six months of minimum payments on your loan.

Types of consumer loans covered:

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Visa

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Auto

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RV

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Signature Loan

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Line of Credit (LOC)

Loan types not eligible for coverage:

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HELOC

Red X

Business

Red X

Mortgage Loan

Coverage Details:

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Payment Protection added now will not cover current unemployment due to COVID-19, even after the 90-day waiting period.

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You must have coverage for at least 90 days prior to the date of loss to file an Involuntary Unemployment claim.

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Coverage is effective immediately for Disability and Life claims, excluding cases resulting from a pre-existing condition.

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Costs range from 0.149/$100 to 0.395/$100, depending on which coverage you choose. See FAQs section for full details.

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You are free to cancel your coverage at any time.

For more information or to purchase Payment Protection on your consumer loan(s), please call (707) 576-5115 or use the contact form below.

PROTECTING VISA® CREDIT CARDS

With Payment Protection, you can also choose to cover your Visa credit card. Payment Protection pays up to six months of payment at a minimum of $200 per month on Visa credit cards.

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Payment Protection added now will not cover current unemployment due to COVID-19, even after the 90-day waiting period.

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Credit cards that hold a $0 balance will not be charged a monthly fee.

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Our Payment Protection program can only protect cards issued by RCU.

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You must have coverage for at least 90 days prior to the date of loss to file an Involuntary Unemployment claim.

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Coverage is effective immediately for Disability and Life claims, excluding cases resulting from a pre-existing condition.

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Costs range from 0.149/$100 to 0.395/$100, depending on which coverage you choose. See FAQs section for full details.

For more information or to purchase Payment Protection on your consumer loan(s), please call (707) 576-5115 or use the contact form below.

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Redwood Credit Union serves anyone living, working or owning a business in California’s Northern Bay Area, which includes the counties of Sonoma, Marin, Napa, Mendocino, Lake, San Francisco, Contra Costa and Solano. We look forward to serving you!

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