Debt Protection

Debt protection from Service First

Protect against loan default when the unexpected happens.

Protect yourself and your family with debt protection

Debt protection is a simple, cost-effective way to cancel your loan balance or reduce your monthly payment if you become disabled, unemployed or pass away. It helps relieve the financial stress for you and your loved ones if life takes an unexpected turn.

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Why debt protection might be right for you

  • Helps protect your credit rating so you don’t default on a loan
  • It’s convenient, the cost of coverage is included in your monthly payment
  • Reduces your financial risk so your family can focus on what matters most 

What is covered? 

Depending on the plan you select, our debt protection plan cancels your outstanding balance if you pass away or your monthly payments for a specified period if you become disabled or involuntarily unemployed. 

  • Loss of life: Cancels the outstanding loan balance up to a specified dollar amount. 
  • Disability: Cancels up to a specific number of monthly payments. 
  • Involuntarily unemployed: Cancels up to a specific number of monthly payments. 

All benefits are subject to plan specific maximums. Connect with your Personal Financial Officer to learn more about specific coverage details. 

Who is eligible? 

You must meet the following to qualify for debt protection: 

  • Under 70 years old 
  • In the last two years, you haven’t been advised of, or treated for, or taken any medication for heart attack (or other heart disease or disorder), coronary artery disease, cancer, stroke, cirrhosis, AIDs, or had a positive HIV test 
  • Presently working 24 hours or more per week 
  • Not self-employed

What else should I know? 

A few key points of debt protection. 

  • This is entirely optional coverage, and it won’t affect your application for credit 
  • You can cancel anytime. If you cancel within 30 days, any fees paid will be refunded 
  • Involuntary unemployment that occurs within 90 days after enrollment will not be covered 
  • Coverage details, benefit maximums and exclusions are outlined in the sample addendum (PDF) 

Learn more 

Learn how you can help ease your worries and protect your finances with debt protection.

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This product is optional 

Your purchase of debt protection is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us. 

Additional disclosures 

We will give you additional information before you are required to pay for debt protection. This information will include a copy of the contract containing the terms and conditions of debt protection. 

Eligibility requirements, conditions and exclusions 

There are eligibility requirements, conditions and exclusions that could prevent you from receiving debt protection benefits. You should carefully read your debt protection contract for a full explanation of the terms and conditions of the debt protection program. 

The Contractual Liability Policy is issued by Securian Casualty Company, a New York authorized insurer. Minnesota Life Insurance Company acts as the administrator of the debt protection program. Product availability and features may vary by state. 

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company is a subsidiary of Securian Financial Group, Inc.

Additional Protection Options

Accidental Death

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