Debt Protection

Debt protection programs are increasingly treated as a viable alternative to credit life insurance. As a lending product, not an insurance product, administrative and regulatory compliance is greatly simplified. This alternative also provides a way for lenders to augment income and effectively provide a broad menu of options to consumers.

Features:

• Protects the lender and consumer in the event of death, disability, involuntary unemployment, leave of absence, hospitalization, terminal medical condition, etc. Turn-key services for program administration
• Partial or full risk transfer via a Contractual Liability Policy from an A.M. Best A (Excellent) rated company
• Benefit activation and processing
• Assistance in product development and ongoing analysis, including management reports

Benefits:

• Simplicity for greater flexibility
• Uniform programs instead of state-by-state variations
• Lower cost of administration
• No insurance licensing requirements
• No form filings
• Program and pricing freedom
• Affinity branding of debt cancellation products

 

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