Safeguard Your Loan with Member’s Choice™ Borrower Security

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Safeguard Your Loan with Member’s Choice™ Borrower Security

Taking out a loan means one of your dreams is about to come true—for example, a new car, boat, or home improvement. But what happens to your dream when the unexpected hits? How can you make sure your family won’t shoulder the financial burden of making loan payments when you can’t.

Now you don’t have to lie awake at night worrying about what will happen if the unexpected strikes because…

Member’s Choice Borrower Security is a voluntary debt cancellation program that can cancel your eligible loan balance up to the agreement maximum should you die before paying off your loan.

If you become disabled due to a protected illness or injury, Member’s Choice Borrower Security can cancel your monthly loan payment, up to the agreement maximum. With payment cancellation, both the principal and interest portions of your loan payment are cancelled, up to the agreement maximum, and your loan balance declines. If you become involuntarily unemployed, Member’s Choice Borrower Security can defer the principal portion of your loan payment and cancel the interest portion up to the agreement limit. With interest cancellation, the loan balance does not decline. Program and other fees may continue to accrue.

With Member’s Choice Borrower Security, you can only buy enough protection to cover your loan balance, and that saves you money.

Other benefits include:

- Protects your credit rating and collateral
- Simple eligibility requirements
- Fast and easy enrollment
- Immediate coverage for eligible borrowers
- Convenient — fee is included in your loan payment

Please contact us to request your copy of AEA Federal Credit Union’s Member’s Choice Borrowers Security brochure.

Debt Cancellation

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