Debt Protection


Life is unpredictable.

There is a wide range of unexpected events that could leave you and your family scrambling to pay monthly bills. That's why it is important you take action to safeguard your family against these types of events to help ensure loan payments can be made on time. That's where West Texas Credit Union debt protection comes in.

Under the Debt Protection program, your loan balance may be canceled or your monthly loan payments canceled without penalty or added interest. You benefit from the peace of mind knowing you and your credit rating are protected - and most importantly - that your family is protected.

Availabililty and plan options

Debt Protection is available for closed-end consumer loans, consumer lines of credit, closed-end home equity loans (i.e. second mortgages), and home equity lines of credit. Choose from the plan options listed below:

Definitions of coverage

If you meet eligibilty requirements and conditions, Debt Protection will provide the following benefits:

Death: Helps your family get back on their feet financially with the cancellation of your loan.

    • All plans: Cancels the remaining loan balance as of date of death (up to $75,000)

Disability: Cancels your loan payments for a period of time as you regain your health.

    • Plans 2 and 3: Cancels up to 12 payments per occurence (aggregate maximum of $15,000, up to $1,000 per month)

Involuntary Unemployment: Helps ensure your loan payment will be taken care of as you search for new employment. 

    • Plan 3: Cancels up to 6 payments per occurance (aggregate maximum $15,000, up to $1,000 per month)

Cancel at any time - You may cancel Debt Protection at any time. If you do so within the first 30 days, we will refund any fees already paid.


How to get yours

Tell your Loan Officer that you’d like Debt Protection before loan closing to add this protection to your loan. For personal help with our Debt Protection program, drop by your neighborhood West Texas CU branch or give us a call at (432) 934-0433.


Disclosures. Your purchase of debt protection is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us. 

Eligibility requirements, conditions, and exclusions. There are eligibility requirements, conditions and exclusions that could prevent you from receiving debt protection benefits. You should carefully read your debt protection contract for a full explanation of the terms and conditions of the debt protection program.

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