Debt Cancellation Protection

An alternative program for traditional Credit Insurance is Debt Cancellation, which is also known as Debt Protection. An easily administered program that offers a wider range of benefits than traditional Credit Insurance. The credit union, guided by our experienced agents, will choose from a range of options that will fit their member’s needs. Debt Cancellation is a great program on many levels. While Life and Disability are offered through Debt Cancellation, the credit union can choose to include single or joint coverage options as well as benefits such as Involuntary Unemployment and Family Medical Leave and can even choose to carry Accidental Death and Dismemberment.

In many instances, the ability for the credit union to choose its own plan makes Debt Cancellation a program that is more tailored to their needs than being under the constraints of traditional Credit Insurance.

Debt Cancellation will, in most cases, allow for higher limits of protection and a wider range of age limits while including extra benefits long needed to protect the member’s estate.

As credit unions have struggled to maintain acceptable levels of income and difficulty maintaining compliance constraints, Debt Cancellation programs have stepped in to bring in higher levels of income, greater protection for the member and the credit union, and facility of use through Calger’s and our insurance carrier’s expertise in managing this program.

Easily administered, the fees for the cost of the option that your member chooses are charged monthly based on the outstanding loan balance. Regardless of age, your member’s rate is the same with fees declining as the loan balance declines.

Filing for benefits is an uncomplicated process (in most instances) with Calger being at the ready in case you or your member requires assistance.

You will find that with Calger’s experienced team and our insurance partners, a switch to Debt Cancellation will be one that you will be glad you have made!