Payment Protection
Life is full of unplanned events. If you’re not able to make your loan payments, Payment Protection is there to help. WEOKIE offers insurance plans for your loans that can work for you.
Life Happens
What is
Payment Protection?
Payment Protection is a voluntary loan payment product that will cancel or waive your loan payment(s) up to the contract maximum. This valuable protection gives you relief from delinquency or default if you're suddenly unable to pay. WEOKIE also allows you to add the cost into your monthly payment. Payment Protection has 4 options to choose from:
- LifePlus
- LifePlus Involuntary Unemployment
- LifePlus Disability
- LifePlus Disability & Unemplyment
Benefits of Payment Protection
Financial Security for Your Family
In the event of death, LifePlus cancels the entire loan balance (up to $100,000), removing the burden of debt from grieving family members.
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Protection During Job Loss
If you become involuntarily unemployed, the insurance covers your loan payments for up to 3 months or $3,000.
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Coverage for Disability and Medical Emergencies
If you become disabled, the plan can cancel up to 12 payments or $12,000.
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Convenient and Affordable Payment Integration
The cost of protection can be added directly to your monthly loan payment, making it easy to manage.
Want to Learn More?
You may purchase Payment Protection with a new loan application or add it to your current WEOKIE loan at any time.
LifePlus
LifePlus cancels your loan balance if you pass away during your loan term, giving your family financial breathing room. Coverage: 100% of loan balance (max $100,000), or 25% after age 75 (max $25,000).
LifePlus Involuntary Unemployment
Covers up to 3 monthly payments or $3,000 if you lose your job involuntarily.
LifePlus Disability
Cancels up to 12 payments or $12,000 if you become disabled.
LifePlus Disability & Unemployment
Our most comprehensive plan combining all coverages. Unemployment benefit increases to 3 months or $3,300 max.
Member Eligibility
|
Protection
|
Age Maximum
|
Working how many hours per week at time of covered event?
|
New Enrollment Exclusion
|
|---|---|---|---|
|
Life
|
At age 75, benefit reduces to 25%
|
N/A
|
Accident only during first 6 months
|
|
Disability
|
N/A
|
25
|
Accident only during first 6 months
|
|
Unemployment
|
N/A
|
25
|
No benefit during first 6 months
|
Member Agreement Options
|
You Elect
|
LifePlus Disability & Unemployment
|
LifePlus Disability
|
LifePlus Unemployment
|
LifePlus
|
No Protection
|
|---|---|---|---|---|---|
|
*LifePlus *Disability *Involuntary Unemployment |
*LifePlus *Disability |
*LifePlus *Involuntary Unemployment |
*LifePlus
|
*None
|
|
|
Rate per $100 of the monthly outstanding loan balance
|
$.430
|
$.375
|
$.280
|
$.160
|
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*LifePlus Exclusions Include: First 6 months accident only, commission of a felony, at age 70 benefits reduce to 25%, atomic/nuclear explosions, suicide within the first 12 months, result of cosmetic surgery, assisted suicide, or other self-inflicted injuries.
*LifePlus Involuntary Unemployment Exclusions Include: Individual contractor, temporary employees, self-employed employees, or employee by joint borrower, occurs in the first 3 months, self-inflicted injury, commission of a felony, atomic/nuclear explosions, results of a cosmetic surgery, assisted suicide, intentional self-inflicted injuries, or 'seasonal employment' (seasonal, annual, or regularly scheduled unemployment, voluntary unemployment, vacation, strike, unionized labor dispute, lockout, sabbatical, voluntary furlough, or termination due to willful or criminal misconduct).
*LifePlus Disability Exclusions Include: First 6 months accident only, atomic/nuclear explosions, normal pregnancy, results of cosmetic surgery, self-inflicted injuries, assisted suicide, commission of a felony, or other results from self-inflicted injuries.
*LifePlus Disability & Unemployment Exclusions Include: Individual contractor, temporary employees, self-employed employees, or employee by joint borrower, occurs in the first 6 months, self-inflicted injury, commission of a felony, atomic/nuclear explosions, results of a cosmetic surgery, assisted suicide, intentional self-inflicted injuries, or 'seasonal employment' (seasonal, annual, or regularly scheduled unemployment, voluntary unemployment, vacation, strike, unionized labor dispute, lockout, sabbatical, voluntary furlough, or termination due to willful or criminal misconduct).
Disclosures
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- Debt Protection
- Payment Protection