Mitigate risk while offering peace of mind for your borrowers

Would your borrowers be able to pay-off or make their loan payments if they were to experience a disability, involuntary unemployment or even death?

Credit insurance can help provide that peace of mind your borrowers want. If the unthinkable were to happen, they can feel confident those they love most will have the financial protection to help them get through a stressful time.

Flexible product options to fit your institution’s needs

Credit insurance

Credit Insurance is a policy that is issued, and the benefit is paid, to the financial institution. It is available for installment loans, lines of credit, credit cards and certain types of real-estate secured loans.

Credit life insurance pays off or reduces the loan balance upon death of the borrower or co-borrower.

Credit disability insurance pays or reduces the monthly loan payment if the borrower or co-borrower were to become disabled.

Credit property

Credit property is designed to reduce or pay off the insured’s balance on a loan if the property is damaged or destroyed by a covered peril. This is non-deductible insurance coverage.

• Personal property is available on a single or dual interest basis and protects collateralized property such as furniture, appliances and other household goods.
• Single interest vehicle coverage provides physical damage coverage on private passenger vehicles for personal use for loss or damage caused by fire, theft or collision.

Single interest coverage protects only the insured lender’s interest in the collateral.

Dual interest coverage protects the insured lender and the insured borrower’s interest in the property.

Credit involuntary unemployment

This type of insurance provides a monthly benefit on both closed and open-ended consumer loans in the event of involuntary unemployment.

Collateral Plus/Limited Physical damage

Collateral Plus/Limited Physical damage provides physical damage coverage for private passenger automobiles, pickups, vans, boats and motorcycles. Additional coverage options are available with an endorsement for mobile homes, personal watercraft and recreational vehicles.

An eligible claim would provide a benefit for the lesser of the following options: loan balance, repair cost, coverage amount or actual cash value and is payable to both the financial institution and the borrower.

Depending on the loan type, Securian Financial offers two types of payment options: