Santander® Optional Loan Protection Plan
Help protect what matters most your family, your assets and your finances
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 cancelled 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 by directing your household income where you need it most. Simply add one or more of these Loan Protection plans to your new Santander Home Equity Line of Credit or other eligible secured loan.
Santander can offer you three separate protection options:
Life
- Up to $100,000 of the eligible balance on your protected Santander loan may be canceled in the event of your loss of life
- Coborrowers may not have to pay the eligible canceled balance
- Existing life insurance benefits may be used by your beneficiaries to pay other obligations or provide income to your family
Disability
- Cancels up to 15 eligible minimum monthly payments of up to $1,000 per month on your protected Santander loan and allows you to use you disability income, if any, to help meet medical or other expenses
- May help to reduce stress on your family budget during an already stressful time
Involuntary Unemployment
- Cancels up to 15 eligible minimum monthly payments of up to $1,000 per month on your protected Santander loan and allows you to use unemployment income to pay other bills or obligations
The Plan is not an automatic feature of any loan or line of credit. It must be separately requested and purchased by the borrower at an additional cost. Eligibility requirements, benefit limitations, exclusions and other terms and conditions apply.
About Loan Protection Fees
The monthly fee for each Loan Protection plan is based on your daily account balance (up to a maximum of $100,000) for the monthly payment period, multiplied by the daily equivalent of the monthly rate per thousand, which is:
Life Protection A Single Plan has a $0.99 per month fee for each one thousand dollars of your outstanding principal balance. A Joint Plan has a $1.98 per month fee for each one thousand dollars of your outstanding principal balance.
Disability Protection A Single Plan has a $0.50 per month fee for each one thousand dollars of your outstanding principal balance. A Joint Plan has a $1.00 per month fee for each one thousand dollars of your outstanding principal balance.
Involuntary Unemployment Protection A Single Plan has a $0.68 per month fee for each one thousand dollars of your outstanding principal balance. A Joint Plan has a $1.36 per month fee for each one thousand dollars of your outstanding principal balance.
For more information, or to purchase one or more of these Loan Protection plans, see your Santander representative.
PLEASE READ THE FOLLOWING IMPORTANT INFORMATION:
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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.
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Before you are billed for a Loan Protection Plan, you will receive a copy of the Agreement, which contains eligibility requirements, terms, conditions and exclusions of a Loan Protection Plan.
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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.
- Life Protection is limited to a maximum of $100,000 for Home Equity Lines of Credit and other eligible secured loans over $100,000.
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