ST. PAUL, Minn.--March 26, 2013: Securian Financial Group introduced Major Auto Expense and Auto Insurance Deductible debt protection benefits as value-adds for new and existing debt protection programs offered by financial institutions.
“These products were created with the borrower in mind and provide a lot of value for the lender too”
The Major Auto Expense benefit cancels one loan payment up to $500 when a borrower has a major auto expense of at least $500. The Auto Insurance Deductible benefit cancels one loan payment up to $500 in the event of an accident where a deductible payment is made.
"These products were created with the borrower in mind and provide a lot of value for the lender too," said Kris Nelson, actuary and director, Credit Protection. "They provide additional protection for auto loans and will cancel a payment at a time when the borrower is experiencing extra out-of-pocket expenses as a result of a major auto expense or auto deductible payment. These benefits can help ensure that the borrower stays current on their loan."
The new Securian auto benefits must be bundled with new or existing debt protection programs that offer life, disability, or involuntary unemployment benefits.