Involuntary Unemployment Insurance
Learn How It WorksWhat is Involuntary Unemployment?
If you experience an individual or a mass layoff, general strike, termination by employer, unionized labor dispute, or lockout, involuntary unemployment insurance will make your payments until you can return to work according to the benefit schedule, whichever comes first.
Coverage will give you peace of mind of knowing that an unforeseen unemployment will not cause you to default on your loan.
Advantages
Loan payment will be made while they are out of work
Cost is not related to occupations
Pays benefit directly to the lender
Covers monthly payments up to $1,000 for as many as 18 months.
Loan payment will be made while they are out of work
Helps protect the family’s credit rating
No early termination fee
How to Qualify for Unintended Unemployment InsuranceI
Qualifications, Cancellations, Refunds, & Exclusions
Eligibility
Age: 18 – 65
Maximum Payment Amount – $1,000
Maximum Loan Term – 60 Months
Employment Requirements
Employed at least 30 hours a week
Must be working for 12 consecutive months
Actively employed for 90 days prior to the loan
Employed in a non seasonal occupation and for the same employer
Eligible Loans
Consumer
Lot & Land Loans (non commercial)
Cancellations & Refunds
Coverage automatically terminates and you will be entitled to a refund in the event the loan is prepaid, renewed, or refinanced prior to the maturity date. There is no fee for early termination.
Coverage Exclusions
Voluntary forfeiture of employment income
Quitting
Retirement
Loss of employment due to disability caused by accident, sickness, disease, or pregnancy
Loss of employment due to willful misconduct or criminal misconduct
Seasonal or temporary employment
If you’re aware of pending unemployment within 60 days prior to the date of the certificate
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