Credit Protection Plan

MEMBER’S CHOICE™ Borrower Security is a voluntary debt cancellation product that, depending on the package you select, can cancel your eligible loan payment or balance, up to the agreement maximum, should you die before paying off your loan.

In addition, if you become disabled due to a protected illness or injury, or become involuntarily unemployed, MEMBER’S CHOICE™ Borrower Security can cancel your monthly loan payment, up to the agreement maximum. Payment cancellation cancels the principal and interest portions of your loan payment, up to the agreement maximum as your loan balance declines.

With MEMBER’S CHOICE™ Borrower Security, fees are based on a group rate and you buy only enough protection to cover your loan balance. That saves you money.

Other benefits include:

  • Helping to protect your family, collateral, and credit rating
  • Simple eligibility requirements
  • Fast, easy enrollment
  • Immediate enrollment for eligible borrowers
  • Convenience — fee can be included in your monthly payment

Protection Plans

Consumer Loan Plan

  • Can protect up to two borrowers.
  • Package options can include life, disability, and involuntary unemployment.
  • Cancels your loan balance up to $100,000 in the event of death.
  • Cancels your monthly loan payment up to 6 months or $6,000 if disabled.
  • Cancels your monthly loan payment up to 3 months or $1,500 if involuntarily unemployed.

Credit Care Plans

  • Can protect up to two borrowers.
  • Package options can include life, disability, and involuntary unemployment.
  • Cancels your loan payment up to 6 months or $6,000 in the event of death.
  • Cancels your monthly loan payment up to 3 months or $3,000 if disabled.
  • Cancels your monthly loan payment up to 3 months or $1,500 if involuntarily unemployed.

This is a summary of our Payment Protection program. Enrollment in the program is voluntary, is not required to obtain a loan, and will not affect the decision on any credit application. MEMBER’S CHOICE™ Borrower Security is a debt or payment cancellation product available through San Francisco Federal Credit Union. Please contact San Francisco Federal Credit Union, or refer to the MEMBER’S CHOICE™ Borrower Security Member Agreement for additional information on benefit maximums, eligibility, and limitations.

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