Borrower Security
Borrower Security
Because Life Happens.
Life events, such as death, disability and involuntary unemployment, can cause financial hardship, making bill-paying difficult. You can create a safety net with Member’s Choice™ Borrower Security, a voluntary loan payment protection product that helps you get relief from the financial burden of delinquency, default, or foreclosure if a protected life event happens to you. Simple eligibility requirements ease the enrollment process.
How does it work?
If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), SESLOC debt protection will cancel or reduce repayment of your loan debt. Protected events can include:
- Loss of life, including those caused by acts of war
- Disability, including those caused by acts of war
- Involuntary unemployment
Member’s Choice Borrower Security helps to ease your worries during a time when your income may be reduced or lost. Protect your loan…because Life Happens. Ask a Consumer Loan Representative to provide complete details.
Less than 10% of disabling accidents and illnesses are work related. The other 90% are not, meaning Workers’ Compensation doesn’t cover them (Council for Disability Awareness, Long-Term Disability Claims Review, 2010).
Our purchase of Member’s Choice Borrower Security 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 a SESLOC loan representative for a full explanation of the terms of Member Choice Borrower Security. This protection may be added to any consumer loan at any time.
Have questions?
Visit any branch or call us at (805) 543-1816.
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Savings are insured to at least $250,000 and backed by the full faith and credit of the U.S. government. National Credit Union Administration, a U.S. government agency.