What is Payment Protection?

1. Credit life insurance is designed to payoff the insured balance on your loan if you die.
2. Credit disability insurance is designed to pay your loan payments (up to the contract limit) if you become ill or disabled and are unable to work.

Is Payment Protection available on all loans?

What are the benefits of Payment Protection?

1. Protects your family's financial security. Payment Protection protects your credit rating by ensuring your loan will not end up in default in the event of your disability or death. This reduces the financial burden on your family.
2. Affordable. Payment Protection rates are established by each state and generally result in reasonable, monthly premiums. Rates vary from state to state and the actual cost of your particular coverage depends on where you live, your loan amount and the coverage selected. Please contact your financial institution for specific rate information.
3. Convenient. Application is easy and usually done at time of loan application. And, your monthly premium is included with your monthly loan payment.
4. Simplified eligibility. You can usually obtain Payment Protection up to the age of 65 and even up to 70 in some states. Also, a medical exam is usually not required, although, general health questions may be asked.

I already have life insurance and disability insurance through my work. Why should I purchase this insurance?

• Payment Protection may be an effective way to supplement the other life or disability insurance you carry. Disability coverage through work is often not enough. Employee benefit specialists say that most long-term benefit plans only cover 60 percent of take-home pay for up to six months. (Check with your employer to determine if you have any current long-term disability benefits.)
• Likewise, while Social Security provides long-term disability benefits, these benefits don't begin for six months and are capped at a portion of normal take-home pay. More than 25 percent of initial requests for Social Security disability are denied.* That's why bills could begin to pile up as you try to regain your health and earning capacity after a disability.
• Additionally, many experts recommend carrying an amount of life insurance equal to five to seven times your annual salary. If you are uninsured or under insured, as many con¬sumers are, loan protection insurance makes sense to ensure that your debts can be repaid.
• Not everyone needs Payment Protection and only you can answer the question on whether you think you have enough insurance coverage to protect your family. Use the enclosed worksheet to help make this determination.

How do I get Payment Protection coverage?

Can Payment Protection be required on some loans?

• No obligation for 30 days When you apply for Payment Protection, you have 30 days to review your plan and make sure it lives up to your expectations. If you decide you don't want the coverage, you can cancel it without obligation and any premiums paid will be refunded.

Underwritten by Minnesota Life Insurance Company

How to file a Claim

Filing a Payment Protection Insurance claim is easy. Upon the occurrence of a covered event, contact your loan representative at your financial institution. Your loan representative will complete the loan information on the claim form and send it to you with instructions on how to comp lete the form. You can return the completed form and any supporting documents to your financial institution or directly to Minnesota Life at the address listed on the claim form. Unless your claim is contested, we will process your claim within 5 to 7 days after receipt. We recommend that you send the form to your financial institution. When processed, the claim amount will be credited to your loan.