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.
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:
- 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
- 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
- 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 -
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.