Don't Forget About Your Wealth Protection Benefit
Many members may experience job loss or a drastic reduction in hours, illness, or other unforeseen events in the coming future and may be worrying about how to make their payments on car loans or credit card payments, even the minimums. If you added Wealth Protection to your account when you opened your loan or Visa credit card with us, Members 1st may be able to assist with payments and more.
We spoke to our Wealth Protection expert, Alex, Loan Center Officer, to better understand how this protection benefit can be utilized in times like this. "Just call us," Alex responded when asked how a member can initiate a claim. "We do everything to get the claims submitted and we will call you if we need any additional documents to evaluate the claim." There are elimination periods (the required "waiting periods" before benefits kick in), but he says he always urges members to file a claim because exceptions can be made in extenuating circumstances.
Right now, a lot of people are worried about paying bills on a drastically reduced or even eliminated income; if you have Wealth Protection and you are laid off or home sick for more than 14 days (the current elimination period for Wealth Protection unemployment benefits), you will receive benefits starting on the 15th day of a loss of employment--up to 6 months of payment cancellation, which can bring real peace of mind during times of uncertainty. You may also receive up to 12 months of payment cancellation for disability coverage and balance cancellation for Life coverage. Speak with the Loan Center for specific coverage details.
Not sure if you purchased a Wealth Protection plan? "Just call us," Alex encourages again, "We can easily look it up and start your claim.
For more information on an existing policy or to enroll in a new one, call us at (530) 222-6060 ext. 459