Loan Protection

Insurance to Cover Loan Payments.

You've financed the purchases that mean the most to you. Your next step toward financial security is to get payment protection insurance. Xceed Financial offers affordable and comprehensive loan protection plans to cover you, your family and your assets.

Protects up to two borrowers per loan for:

  • Loss of Life: Pays off the loan balance up to $50,000 for consumer loans and $100,000 for Home Equity loans and Home Equity Lines of Credit in the event of death; provides 25% of benefit coverage after members reach age 70
  • Disability: Provides up to 12 months or $12,000 disability protection
  • Unemployment: Provides up to 6 months or $3,000 unemployment protection
  • Must be a borrower on the loan
  • Disability: Members must be “actively at work” 25 or more hours per week at time of disability, unable to do the duties of their usual occupation, and under the care of a physician. Members cannot be earning wages equal to or exceeding 80% of previous wages. A reoccurring disability within one year after returning to work is treated as same disability.
  • Unemployment: Members must be “actively at work” 25 hours per week at time of unemployment. Must qualify for and be receiving state unemployment benefits. A reoccurring unemployment within one year of returning to work is treated as same unemployment.

GAP is a must for anyone considering a new or used auto loan. As we all know, new and used autos quickly depreciate in value. In fact, at some point during the life of your loan, you could owe more than the appraised value of the auto (being "upside down" on your loan). If your car is stolen or totaled during this time, you would still be responsible for the balance of the loan.

GAP protects you against this financial loss by covering the difference between the market value of your vehicle and the loan balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. GAP will even cover your insurance deductible, up to $1,000.

For Example:

Without GAP coverage, you would be required to pay off the auto loan with $5,000 out of your pocket.

GAP does not provide protection against bodily injury or property liability or fulfill the requirements of financial responsibility laws. Such coverage is usually contained in your primary insurance policy.

MBP offers additional protection after factory warranties on your vehicle expire. With four levels of coverage available for both new and used autos, MBP continues to provide valuable benefits in every major assembly of your vehicle, even after the factory warranty coverage is no longer available.

  • Convenience and affordability: Our MBP is far superior to dealer service contract programs
  • Generous mileage eligibility: Used vehicles with up to 120,000 still qualify for coverage
  • $0 deductible: Available on both new and used autos
  • No backdating of coverage: Your coverage begins the day you purchase the plan, not the model year of your vehicle
  • Electronics coverage: Protect your navigation systems, video components, etc.
  • Luxury vehicle coverage: Available on select models of Jaguar, Porsche, Hummer and Saab
  • Minimal paperwork required: Repair facilities send authorized repair bills on your behalf

Both GAP and MBP can be easily financed into the balance of your loan, adding just pennies to your monthly payment.