Debt Protection
Debt Protection
Financial protection for you and your loved ones.
Life events, such as death, disability and involuntary unemployment, can cause financial hardship, making bill-paying difficult. You can create a safety net with Debt Protection,* 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
Why should I enroll?
- It’s easy: Simple to apply for, and takes effect immediately.
- It’s budget-friendly: Comfortably fits into your monthly payment.
- It puts you at ease: Rest easy, knowing you’re taken care of in so many problem situations
Debt Protection helps to ease your worries during a time when your income may be reduced or lost. Protect your loan…because Life Happens. Ask a SESLOC Member Service 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).
*Your purchase of 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 Member Agreement for a full explanation of the terms of 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.
Have questions?
Visit any branch or call us at (805) 543-1816.
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SESLOC News
From the News+ Blog
SESLOC Cares for Community Award: Lisa Murray
We’re partnering with News Channel 12 to honor nonprofit volunteers who make our community thrive. Each month, we’re choosing a different nonprofit and asking them to select a valuable volunteer to receive the SESLOC Cares for Community Award. We’re thrilled to introduce Lisa Murray, from CASA of Santa Barbara County.
How to Brace for Rising Home Costs: A Guide for Homeowners and Renters
Have you noticed your insurance bills skyrocketing lately? If so, you’re in good company. According to Policygenius, the average home insurance premium increased by 21% between May 2022 and May 2023. Combine this with rising housing costs, property taxes, and high interest rate debt, and it’s no wonder why so many Americans are struggling in today’s market.
SESLOC’s 10 Steps to Protect Members with Cybersecurity
You may hear of cyberattacks throughout the news and think it may never happen to you but cyberattacks can happen to anyone and any business. Knowing the severity a cyberattack can create for members, SESLOC has and continues to improve its defenses against cybercriminals. Listed below are 10 ways that SESLOC works to provide the best protection for their members.
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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.
