Protect yourself and your family with Loan Protection
Loan protection is a simple, cost-effective way to cancel your loan balance or reduce your monthly payment if you become disabled, unemployed or pass away. It helps relieve the financial stress for you and your loved ones if life takes an unexpected turn.
What is covered?
Depending on the plan you select, our loan protection plan cancels your outstanding balance if you pass away or your monthly payments for a specified period if you become disabled or involuntarily unemployed.
- Loss of life: Cancels the outstanding loan balance up to a specified dollar amount.
- Disability: Cancels up to a specific number of monthly payments.
- Involuntary unemployment: Cancels up to a specific number of monthly payments.
All benefits are subject to plan specific maximums. Connect with your loan officer to learn more about specific coverage details.
Why loan protection might be right for you.
- Helps protect your credit rating so you don’t default on a loan
- It’s convenient, the cost of coverage is included in your monthly payment
- Reduces your financial risk so your family can focus on what matters most
Who is eligible? You must meet the following to qualify for loan protection:
- Under 70 years old
- In the last two years, you haven’t been advised of, or treated for, or taken any medication for heart attack (or other heart disease or disorder), coronary artery disease, cancer, stroke, cirrhosis, AIDS, or had a positive HIV test
- Presently working 25 hours or more per week
- Not self-employed
What else should I know? A few key points of loan protection.
- This is entirely optional coverage, and it won’t affect your application for credit
- You can cancel anytime. If you cancel within 30 days, any fees paid will be refunded
- Involuntary unemployment that occurs within 90 days after enrollment will not be covered
- Coverage details, benefit maximums and exclusions are outlined in the Sample Loan Protection Addendum
Learn More
Learn how you can help ease your worries and protect your finances with loan protection. Call 214-357-5577 ext.184
How to file a loan protection claim
Options for filing your claim
- Visit Securian.com/mycoverage.
- Create a secure account with a username and password.
- Select the type of claim you’re reporting.
- Answer questions about your claim.
- Once the claim is received, it will be reviewed, and you will be notified of a decision.
- After your claim is submitted, you can log in any time at Securian.com/mycoverage to check on claim status and receive information on payment details.
- Here is a short video about the claims portal. Claims Portal
Option 2: File your claim over the phone
- Call the claim contact center at 1-800-328-9442.
- Answer questions about the claim and a claims package with a claims form will be mailed or emailed to you.
- Once the claim is received, it will be reviewed, and you will be notified of a decision.
- After you’ve reported a claim, you can call the claim center for information on claim status.
Information needed for filing a claim
- Full name
- Date of birth
- Address
- Date of event
- Cause of event
- Any documentation related to the event
Disclosures:
This product is optional
Your purchase of Loan 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 Loan Protection. This information will include a copy of the contract containing the terms and conditions of loan protection.
Eligibility requirements, conditions and exclusions
There are eligibility requirements, conditions and exclusions that could prevent you from receiving Loan Protection benefits. You should carefully read your Loan Protection contract for a full explanation of the terms and conditions of the loan protection program.
The Contractual Liability Policy is issued by Securian Casualty Company, a New York authorized insurer. Minnesota Life Insurance Company acts as the administrator of the Loan Protection program. Product availability and features may vary by state.
Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company is a subsidiary of Securian Financial Group, Inc.
Questions?
If you have any questions, please don’t hesitate to contact us at 1 (800) 262-5325.
