VAN NUYS, Calif.–Los Angeles Police FCU said it has introduced “End of Watch Debt Protection,” which pays off a member's LAPFCU debt if he or she is killed in the line of duty.
The program also covers civilian employees of the department.
"We know that our members and their families live with the daily reality that when a peace officer goes to work, they might not return,” said President/CEO Ed Hada. “We hope that never comes to pass. But if it does, at least now our members have one less thing to worry about, because their loved ones won't be burdened with debt during an already traumatic situation.”
LAPFCU said under the program, the coverage cancels the amount of a borrower's loan(s) with the credit union if he or she dies while engaged in work-related activities due to external force, violence or because of heart attack or stroke during training or other stressful events while on duty.
Also Available to Civilians
The credit union said the benefit is available for full-time, active duty sworn peace officers in Los Angeles County, and further said it is the only one of its kind in the nation, in that it also provides coverage for civilian employees of law enforcement agencies.
"Our Board of Directors was very clear that civilians who dedicate their careers to supporting law enforcement should receive the same complimentary benefit as a sworn peace officer. We were more than happy to oblige," said Hada.
To receive End of Watch Debt Protection, LAPFCU members working in law enforcement must obtain a new loan or active line of credit with a minimum balance of $10,000 from the Credit Union. After that, any other existing loans they have with LAPFCU are also covered up to a combined amount of $850,000, or up to $400,000 on a single loan.
The $1.2-billion credit union is offering additional details at lapfcu.org/EOW.