Payment Protection Programs

The unexpected can and does happen to your borrowers. And when the worst happens, often times, families are left to pick up the pieces. This includes taking on the debt of a family member, leaving your financial institution in a precarious spot. A payment protection program could help alleviate the potential for loan default and provide a safety net for your borrowers’ families, following the unexpected.

Offering payment protection options to your borrowers can provide confidence and help ensure their financial security, while building long-term relationships with your institution. At the same time, you'll be further supporting your risk management efforts and generating non-interest income.

MITIGATE RISK ANDENSURE BORROWER FINANCIAL SECURITY

Support your borrowers and generate non-interest income.

Customized Program

Our team takes the time to discover your financial institution’s needs before providing a customized offer. We’re committed to providing a payment protection program that makes sense for you and your borrowers.

Financial Institution Benefits

Building relationships with your customers is vital to growing your business. By offering your customers payment protection programs, you deepen that relationship to show them they are more than just an account number. Payment protection adds another layer of risk management to protect your institution from default risk. Improve your financial institution’s bottom line with a new source of ancillary income.

Benefits for Borrowers

In the event of disability or involuntary unemployment, payment protection is there to continue payments or pay off your borrower’s loan in the event of their death. Most importantly, the program provides financial stability to family members, allowing them to maintain their standard of living and their credit rating. And, the monthly cost is incorporated into your borrowers’ regular loan payments.

ADD VALUE TO YOUR BORROWERS’ LOANS WITHSWBC’S PAYMENT PROTECTION PROGRAM

Our team has fine-tuned the payment protection program offerings and provides a turnkey program implementation approach. Unlike other firms where it’s a set-and-forget methodology, SWBC provides robust training for your loan representatives, giving your staff the information and tools needed to make the program successful within your retail locations. We can provide in-person or web-based training to meet the needs of your institution and staff.

Our seasoned staff brings along valuable experience which helps to streamline the administrative services of the program. Working with SWBC for your payment protection program means you receive access to a web-based quoting and processing system to easily and quickly pull quotes and monthly reporting.

As an additional benefit, any borrower who elects any SWBC-backed payment protection program gains access to funeral planning and assistance service via Everest Funeral Concierge.

Funeral Concierge helps borrowers in pre-planning, impending need or immediate need stages. The concierge is an unbiased resource to help people during a difficult time period. They can act as a liaison between the family and a funeral home, helping to negotiate costs and ensuring the families wishes are carried out. It’s an invaluable service when your borrowers need it, and it’s nice to know it’s there when they don’t.

 
 
 

Debt Cancellation

Debt Cancellation is not an insurance product and serves as debt protection where some or all of a borrower’s debt is canceled or forgiven when a protected event occurs. Debt Cancellation differs from Credit Life because it protects from a broader range of events.

Credit Involuntary Unemployment Insurance

If a borrower loses their job as a result of a layoff or similar event the borrower had no control of, credit involuntary unemployment insurance will cover a certain number of loan payments during this event.

Credit Life Insurance

Credit Life coverage benefits borrowers’ families by paying for the remaining loan balance in the event of the borrower’s death.

Credit Accident and Health (Disability) Insurance

Disability coverage helps to pay a portion of a borrower’s loan payment each day the borrower is injured or ill and unable to work while under a physician’s care.

Start protecting your borrowers and your loans today with a payment protection program from SWBC.

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