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Sovereign Loan Protection Plan
Sovereign Loan Protection Plan
How would you protect your family and finances if you suddenly were unable to work? If you experience unemployment, disability, or even loss of life, how would you handle your monthly loan payments? Sovereign Bank can provide you with a sense of security so you don't need to worry about your credit rating or your family's financial future.
You can protect yourself, your family, and your finances by directing your household income where you need it most. Simply add a Loan Protection Plan to your new Sovereign secured loan, Home Equity Loan, or Home Equity Line of Credit. Sovereign can help you with 3 great coverage options:

Life
  • Your debt will be cancelled in the event of your loss of life
  • Co-borrowers or family members do not have to repay the loan
  • Existing life insurance benefits can be used to pay other obligations or provide income to your family
Disability
  • Will allow you (or your co-borrower if a joint plan is selected) to cancel your eligible loan payments and use your reduced income (disability benefits) to help meet medical expenses
  • Will not interfere with any disability income or benefits you receive through your employer, state agency or any other existing insurance plans
  • Will reduce stress on family budget during an already stressful time of disability
Involuntary Unemployment
  • Will allow you (or your co-borrower if a joint plan is selected) to cancel your eligible loan payments and use your already reduced unemployment income to pay bills, or any other necessary obligations
  • Will not interfere with any unemployment benefits you receive during this period
1. Your purchase of the Loan Protection Plan is optional. Whether or not you purchase the Loan Protection Plan will not affect your application for credit or the terms of any existing agreement you have with us.
2. We will give you additional information before you are required to pay for the Loan Protection Plan. This will include a copy of the Agreement containing the terms of the Plan.
3. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving Debt Cancellation or Deferral Benefits.
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