Navy Federal Credit Union has launched a debt cancellation program provided by CUNA Mutual Group.
Navy Federal has begun offering three options of what it has branded "Payment Protection Plan" to cancel loan and credit card payments and/or balances in the event of loss of life, disability, and involuntary unemployment, which includes honorable discharge from the military. The cost of the plan is based on the outstanding loan balance and is included in members' monthly loan payments.
The $22.8-billion NFCU said that during the first four weeks of offering its "Payment Protection Plan," members purchased 15,597 policies.
