Optional Santander Loan Protection Plan

Get peace of mind knowing your eligible Santander loan payments and/or outstanding loan balance can be canceled if you experience involuntary unemployment, disability, or even loss of life. Santander can help take the worry away by giving you the sense of security you need.

Loan Protection

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 Loan, Home Equity Line of Credit , Auto Loan or Savings Secured loan.

Santander can offer you three great protection options:

Life

  • Up to $100,000 of the eligible balance on your protected Santander loan can be canceled in the event of your loss of life
  • 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

Disability

  • Cancels up to 12 eligible minimum monthly payments on 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

Involuntary Unemployment

  • Cancels up to 12 eligible minimum monthly payments on your protected Santander loan and lets you use unemployment income to pay other bills or obligations

The monthly fee for each Loan Protection plan is based on your daily account balance for the monthly payment period, multiplied by the daily equivalent of the monthly rate per thousand, which is:

 

Single Plan - 
Monthly fee for each $1000 outstanding

Joint Plan - 
Monthly fee for each $1000 outstanding

Life Protection  $0.99 $1.98
Disability Protection $0.50 $1.00
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 Loans, Home Equity Lines of Credit and other eligible secured loans over $100,000.