Debt Protection
Your financial safeguard against the unexpected.
Do everything you can to take care of the ones you love.
If your life takes an unexpected turn, your family’s finances can be strained. But with Debt Protection, your loan payments or balance may be canceled, up to the contract maximums, in case of involuntary unemployment, disability, or death. It’s just one more way you can look out for the people you love.
| Type | Premium | Advanced | Basic |
|---|---|---|---|
| Loss of Life | Yes | Yes | Yes |
| Disability | Yes | Yes | No |
| Involuntary Unemployment | Yes | No | No |
| Cost* | $2.89/mo per $1000 of loan balance | $1.89/mo per $1000 of loan balance | $0.79/mo per $1000 of loan balance |
*Rate is applied to the outstanding Loan balance each month; however, if the outstanding Loan balance is greater than $100,000 the rate will not apply to the amount that exceeds $100,000.
Dominion Energy Credit Union Debt Protection is available for most existing and new closed-end consumer installment loans.
Loss of life: Cancellation of the remaining loan balance as of the date of death, covering up to $100,000 total.
Disability: Supplements your employer’s disability program up to 12 payments per occurrence covering up to $1,000 per month and $12,000 total.
Involuntary Unemployment: Cancellation of up to 6 payments per occurrence, covering up to $1,000 per month and $6,000 total.
Take an important step toward financial security.
Ask us about Debt Protection today.
To qualify for Disability, the borrower must be actively working, for wages or profit 25 hours or more per week on the Effective Date of Protection*.
To qualify for Involuntary Unemployment, the borrower must be actively working, for wages or profit 25 hours or more per week on the Effective Date of Protection*.
For complete details about Life, Disability, and Involuntary Unemployment benefits, please refer to the Member Agreement terms.
Depending on the plan selected, Debt Protection may cancel your loan balance or loan payments in the event of death, disability, involuntary unemployment and more.
- Involuntary unemployment - a covered job loss occurs
- Disability - a covered disability occurs due to illness or injury
- Death - protected borrower passes away
Please review your Application, Disclosures, and Program Agreement for Debt Protection Plan provided with your loan to learn more about specific qualifications surrounding claim criteria.
Debt Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative or refer to the contract for a full explanation of the terms. You will receive the contract before you are required to pay for Debt Protection. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid.
Dominion Energy Credit Union, headquartered in Richmond, Virginia, is a full-service financial institution that serves Dominion Energy employees and offers competitive rates on loans with an optional Skip-a-Payment benefit.