SAN FRANCISCO, Calif.—The Police Credit Union of California said it is honoring the sacrifices of its core membership with a debt forgiveness benefit available exclusively to members who serve as active duty peace officers in California.
The End of Watch Debt Forgiveness Benefit covers eligible member loans obtained at The Police Credit Union and is provided at no cost to the borrower.
Under the program, Police Credit Union of California said it will cancel the amount of the borrower’s eligible loan(s) if the member dies while engaged in work-related activities as a full-time law enforcement officer, whether on or off duty, as the result of external force, violence or heart attack, stroke, or illness directly caused by physical training or other strenuous activity required of a law enforcement officer.
“Since California became a state, it has suffered the loss of more than 1,600 peace officers to deaths in the line of duty,” said The Police Credit Union President and CEO Eddie Young. “Having served law enforcement professionals for over 65 years, we understand the inherent dangers of the occupation. What’s more, we recognize the tragedies these families can face without notice are a major source of financial anxiety and stress. This benefit offers peace of mind for those who risk their lives every day to provide protection and safety for our communities, and financial security for their families should they ever be called to make the ultimate sacrifice.”
How to Qualify
To qualify for the End of Watch Debt Forgiveness Benefit, the credit union said the borrower must be a member of The Police Credit Union, have funded a new loan of at least $10,000 with the credit union, and be an active, full-time law enforcement officer employed by a federal, state, county or municipal agency.
After qualifying for coverage, in the event the officer is killed in the line of duty, at the time of death the CU said it will cancel the outstanding loan balances up to a combined maximum of $850,000. Eligible products include mortgages and home equity loans, auto loans, credit cards, personal loans, lines of credit, and more.
The $980-million Police Credit Union has more than 42,000 members.