Debt Protection

Protect Your Loan - Help Preserve Your Standard of Living

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Whether you're taking out a loan to make home improvements or buy a vehicle, it can be a financial gamble because things happen…life happens. You’re betting you can pay back your loan and you won’t lose your job (to no fault of your own), or become disabled (due to injury or illness), or pass away, leaving your family responsible for your loan balance.

Life events can cause financial hardship, making bill-paying difficult. You don't want delinquent payments and defaulted loans to cause you to lose your assets, negatively impact your credit rating, or cause financial distress for your family.

Help Play It Safe

MEMBER’S CHOICE Borrower Security™” is 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 unexpectedly happens to you. And, simple eligibility requirements ease the enrollment process.

Protection That Matters

If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), MEMBER’S CHOICE Borrower Security™ will cancel or reduce repayment of your loan debt—helping to lessen your worries, and your family’s worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging. Protected events include:

  • Loss of life, including those caused by acts of war
  • Disability, including those caused by acts of war
  • Involuntary unemployment

How does it help members?
With Debt Protection, if the unexpected were to occur you would be able to:

  • Keep paying bills - If income is lost or reduced during times of financial hardship, payments for covered assets are made, freeing up income to pay other household bills
  • Save financed assets - A family’s standard of living is preserved, their savings isn’t depleted, and their financed assets are saved
  • Maintain their credit rating - Protects credit rating by ensuring loan payments are made on financed assets—the ability to get future credit is not compromised

Additional member values include:

  • Enrollment for protection can occur any time during the loan
  • No need to ask health questions (although these are available)
  • Full time work 25 hours vs. 30 hours for others
  • Acts of War for death and disability are protected
  • No maximum monthly payment limitation
  • No maximum loan duration limitation
  • Choice of single or joint protection; blended, or single and joint fee structures; accident-only or accident and illness protection; no monthly payment maximums; can pay multiple times over the duration of the loan for non-life events

How to Protect Your Loan

Access the following links for more information on Debt Protection.

Calculators - Calculate your approximate cost for debt protection:

Access the following link for Frequently Asked Questions on the product.

Call us at 303.442.8850 to get signed up, and ask about protecting your loans, today.

Please note: MEMBER’S CHOICE Borrower Security™is a debt protection product offered by Boulder Valley Credit Union.  Enrollment in this debt protection product is voluntary and not required to obtain a loan. Please contact a BVCU loan officer for additional information on benefit maximums, eligibility, limitations, and a copy of your contract.