SAN ANTONIO—SWBC is partnering with SELCO Community Credit Union to offer an innovative debt cancellation program designed to provide additional financial security for SELCO’s members, SWBC said.
This program—an enhancement to SELCO’s previous coverage options—includes further protection for life events such as death, disability, and involuntary unemployment, ensuring members have peace of mind during unforeseen challenges, SWBC explained.
The debt cancellation program covers qualifying loans, including auto loans, personal loans, and more. Eligible members can also access added benefits, such as coverage for terminal illness, accidental dismemberment or loss of sight, accidental death of a dependent, hospitalization, and family leave.
"From the easy-to-understand policy to the comprehensive coverage options, SWBC's Payment Protection is designed with members in mind," said Nick Bloxham, vice president of insurance services at the $2.7-billion SELCO, based in Springfield, Ore. "It helps us provide the flexibility and financial security that's essential during truly difficult times."
“As a leader in financial protection solutions, SWBC aims to empower credit unions with tools to manage financial risks effectively by creating protection programs that can help institutions offer opportunities for their members to cancel or reduce debt, preventing undue financial burdens on them and their families,” the company said.
“Partnering with SELCO allows us to extend our mission of providing tailored financial protection solutions to even more individuals,” said Joan Cleveland, president and CEO of SWBC ‘s payment protection business. “We are proud to collaborate with a compassionate credit union that recognizes the challenges people encounter and one that is committed to empowering their members to navigate life’s uncertainties confidently.”