Optional Santander Loan Protection Plan
You can take steps to help protect yourself and your family when you experience certain unexpected life events. With Santander's Loan Protection Plan your eligible Santander loan payments and/or outstanding loan balance may be canceled if you experience involuntary unemployment, disability or even loss of life. Santander can help take the worry away by giving you the reassurance you need.
You can help protect your family's finances when you need it most. You can add one or more of these optional Loan Protection plans to your new Santander Home Equity Line of Credit , Auto Loan or Savings Secured loan.
Santander can offer you three great protection options:
- Cancels up to $100,000 of the eligible balance on your protected Santander loan in the event of your death.
- Co-borrowers do not have to pay the eligible cancelled balance
- Existing life insurance benefits can be used by your beneficiaries to pay other obligations or provide income to your family
- Cancels up to 15 eligible minimum monthly payments of up to $1,000 per your protected Santander loan and allows you to use any disability benefits to help meet medical expenses
- Can reduce stress on your family budget during an already stressful time
- Cancels up to 15 eligible minimum monthly payments of up to $1,000 per your protected Santander loan and allows you to use unemployment income to pay other bills or obligations
To calculate the monthly fee, we multiply your daily account balance (up to a maximum of $100,000) for the monthly payment period by the daily equivalent of the monthly rate per thousand, which is:
Single Plan -
Joint Plan -
|Involuntary Unemployment Protection||$0.68||$1.36|
For example, if you choose a single Disability Protection Plan on your eligible loan and your current monthly balance is $10,000, the monthly fee for the disability protection is $5.00.
PLEASE READ THE FOLLOWING IMPORTANT INFORMATION:
1 Your purchase of a Loan Protection Plan is optional. Whether or not you purchase a Loan Protection Plan will not affect your application for credit or the terms of any existing credit agreement you have with us.
2 We will give you additional information before you are billed for a Loan Protection Plan. This will consist of a copy of the Agreement containing the eligibility requirements, terms, conditions and exclusions of a Loan Protection Plan.
3 There are eligibility requirements, terms, conditions, and exclusions that could prevent you from receiving Loan Protection benefits, or could limit the amount or duration of benefits available to you. You should carefully read the Agreement for a full explanation of the terms of each Loan Protection Plan. A copy of the Agreement can be provided to you by your local Santander branch office.
4 Life Protection is limited to a maximum of $100,000 for Home Equity Lines of Credit and other eligible secured loans over $100,000.