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Loan Payment Protection

Tower’s Loan Payment Protection protects you and your family when an unexpected tragedy occurs. Payment protection can pay off your loan in the event of death, or make payments on your behalf in the event of disability or other protected events.

Payment Protection can help safeguard you and your loved ones by covering your loans if you or your co-borrower are unable to make payments.

Adding Payment Protection1 to your loan can:

  • Eliminate all or part of your remaining loan balance
  • Protect your credit rating as loan payment obligations are made on your behalf
  • Prevent late fees
  • Protect your family and your possessions
  • Free-up extra cash when it’s needed most
  • Pay benefits in addition to any other protection you may have

Available Coverage Options and Cost

Option Loss
of Life
Disability Involuntary
Unemployment
Family
Leave
Single* Joint**
1 X $0.63 $1.05
2 X X $1.30 $2.29
3 X X X $2.53 $4.56
4 X X X $1.52 $2.69
*Cost per $1,000 of the outstanding monthly loan balance (single borrower coverage)
**Cost per $1,000 of the outstanding monthly loan balance (joint borrower coverage)
Loss of Life Designed to pay the remaining loan balance in the event of the protected borrower’s death. Includes: Dismemberment, Loss of Sight & Terminal Illness.
Disability Designed to pay monthly installment payments in the event of a protected borrower’s disability, injury or illness while under a doctor’s care and unable to work.
Involuntary Unemployment Designed to pay monthly installment payments in the event of a protected borrower’s involuntary unemployment for up to 6 months total.
Family Leave Designed to pay monthly installment payments in the event of a protected borrower taking family leave to care for a family member for up to 3 months total.

All packages include Funeral Concierge Service as an added benefit.

Want to know more?

Loan Protection Inquiries call 866-56-TOWER or 301-497-7000, Email: protectionsales@towerfcu.org
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Your purchase of Loan Payment Protection is optional. Whether or not you purchase Loan Payment Protection will not affect your application for credit or the terms of any existing credit agreement you have with Tower. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits of Loan Payment Protection. You should carefully read the contract for a full explanation of terms. Cost is included in your loan payment.

1 Payment Protection may be available for personal credit cards, auto loans and personal consumer loans.

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