Debt Protection

Debt protection is a way to make sure your debts don’t become someone else’s problem if something unexpected happens to you. It helps pay off or reduce certain loans — like a mortgage, car loan, or credit card — if you pass away, become disabled, or face another covered event. It’s about keeping your loved ones protected from added financial stress during a difficult time.

Not exactly. though they can work hand in hand. Life insurance provides a cash payout to your beneficiaries, which they can use however they need. Debt protection, on the other hand, is tied directly to specific debts and pays those off automatically under certain circumstances. Many families choose both, since life insurance covers broader financial needs while debt protection takes care of specific balances.

When you enroll in a debt protection plan through your lender or financial provider, you pay a small monthly fee. If a covered event occurs — like death, disability, or involuntary job loss — the plan helps pay off or suspend payments on the affected loan. The goal is to keep your credit intact and your family financially secure while life gets back on track.

Coverage varies by plan. Most policies focus on major loans like mortgages, auto loans, or credit cards through specific lenders. Some personal loans may also qualify. We can help you review what’s covered and make sure you’re not paying for protection you don’t need.

That depends on your situation. If you have large debts, limited savings, or a family that depends on your income, debt protection can be a smart safety net. It’s not for everyone, but it can offer valuable peace of mind, especially when combined with broader financial planning tools like life insurance or emergency savings.

Anyone with significant loans or shared financial responsibilities can benefit. It’s especially helpful for:

• Homeowners with a mortgage

• Families sharing car loans or co-signed debt

• Individuals with personal or student loans

• Anyone who wants to make sure loved ones aren’t burdened with bills they didn’t create

It’s smart to look into it any time you take on new debt — like buying a home, financing a car, or refinancing loans. Life changes like marriage, having kids, or starting a new business are also good times to review your protection options.

Yes. Most lenders allow you to cancel at any time. If you decide the coverage no longer fits your financial plan, you can adjust or remove it without penalty.