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Make sure your Alaska USA loans and credit card obligations don't become a burden in the event of your death or disability. How does payment protection work? When you have a loan or a credit card balance, your payments can be made if you become disabled and are unable to work - or worse. Payment protection is an optional debt cancellation program from Alaska USA that makes payments up to the agreement's maximum limits. Won't my employer pay me if I'm disabled? According to a 2003 study by the American Council of Life Insurers, employers only cover about 60% of your salary upon disability. By having your loan or credit card payments taken care of, you can use disability benefits to pay for other important monthly expenses. I have life insurance. Why should I get payment protection? Your family will need the funds from life insurance to compensate for the loss of a key wage earner. With payment protection, they will not have to worry about outstanding loan or credit card balances. Is there a limit to the amount of the loan balance that is protected? Your outstanding loan balance can be protected up to $100,000 for loss of life and up to $120,000 or 120 months for disability. Can I have protection for both loss of life and disability on one loan? Yes. In fact, there are also options for you as an individual or for both you and your co-borrower. Can only the primary borrower get protection under the single borrower option? You can decide which borrower is protected when you sign up for the program, if you choose the single option. However, for only a few dollars more, you can be sure both borrowers are protected. The cost for protecting your credit card payment covers up to two borrowers. Are there age limitations on payment protection? Yes. You must be between 18 and 70 to get payment protection. What's the cost? The cost of the payment protection program is based on the total outstanding balance of your loan - as your balance decreases, so does your monthly cost. For a consumer loan or home equity line of credit (HELOC):
For your Alaska USA Visa® Platinum Credit Card:
What if I decide later I want to cancel? You may cancel payment protection at any time with just five business days' notice. How do I sign up? You can apply for payment protection as part of the loan process. It's easy. Just fill out a simple two-page form. Everyone who meets the age limitations is eligible. See the Payment Protection Member Agreement for more details. Can I get payment protection on an existing Alaska USA loan or credit card? Yes you can. Just call the Alaska USA Insurance Services department at (800) 478-1251 or 561-1250 in Anchorage. Highlights
AKUSA 02385-I R 06/10/10 |
Payment protection
Combined Protection; Loss of Life and Disability - Cost
per $1,000 of the monthly outstanding loan balance is $1.93 for a single
borrower and $3.25 for both borrowers.