Payment Protection

Prepare for The Unexpected

Payment Protection

Preserve Your Standard of Living

Whether you're taking out a loan to make home improvements or buy a vehicle, you should take steps to protect you and your family in case something unforeseen happens. Life events can cause financial hardship, making bill-paying difficult. You don't want delinquent payments and defaulted loans to impact your finances.

Protection That Matters

If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), Payment Protection will cancel or waive your loan payments, up to the contract maximums—helping to lessen your worries, and your family’s worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging. We offer a number of options you could protect yourself against. These events could include:

  • Loss of life, including those caused by acts of war
  • Disability, including those caused by acts of war
  • Involuntary unemployment

Purchase a Payment Protection Plan

To purchase an Ideal Payment Protection Plan, call 651-770-7000 or visit one of our branches to speak with an Ideal Representative.


Payment Protection Plan Coverage $100 Borrowed*
  • Up to $100,000
Life & Disability
  • Up to $100,000 upon loss of life
  • Up to 12 months or $12,000 in monthly payments canceled for disability
Life, Disability, Unemployment & Family Leave
  • Up to $100,000 upon loss of life.
  • Up to 12 months or $12,000 in monthly payments canceled for disability
  • Up to 6 months or $6,000 in monthly payments canceled for unemployment

Your purchase of Payment Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of [DP Program Name]. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid.