Life is unpredictable, and sometimes life is crazy, scary, unfair, and throws you curve balls that you never could have expected. When those unexpected twists and challenges happen, it can upend your life. The last thing you want or need to worry about when faced with life’s unexpected obstacles is whether you can pay your bills! That’s where adding Debt Protection to your loan can intervene and provide peace of mind and relief in challenging times.

1. Disability Coverage—In the event that you become disabled or unable to work due to illness or injury, debt protection can make your loan payments during the period when you are unable to earn an income. 

2. Protection Following Job Loss—Policies include coverage for involuntary unemployment, so if you lose your job due to external reasons, debt protection can cover loan payments for a specified period.  

3. Loan Repayment In Case of Death—No one wants to think about dying, but planning for the inevitable can provide peace of mind for you and massive relief for your family. With payment protection added to your loan, your entire loan balance will be paid off in the event of your death. This benefit can be incredibly valuable to your family because it eliminates the burden of this debt at a time when they have so many other, more important, things to deal with.

4. Protecting your Credit Score—Credit Scores are important.  Healthy credit affects whether you can borrow money when needed and plays a role in determining how much you will pay in interest. Missed loan payments and loan defaults can adversely affect your credit which can start a negative financial spiral. Debt protection products ensure that loan payments are made on time, even in adverse circumstances which protects your credit score and your long-term ability to borrow.

5. Peace of Mind—The most significant benefit that debt protection coverage can offer is peace of mind. Knowing that you have taken actions to protect yourself and your family, even in the face of unexpected challenges, can provide a sense of comfort and relief from stress. 

First South Financial offers several debt protection options on our loan products. You can elect these great benefits at the time of loan origination, or at any time during the term of the loan. This coverage is available at a nominal cost, and can be paid as a single premium, or be added as monthly premiums to your loan payment. For questions or additional information visit your preferred branch location or call (901) 380-7400.

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