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Creditor Protection

As a financial institution, you are responsible for helping others Do you have a backup plan should you find yourself unable to pay your loans and debt? If you are unable to cover all of your loans, you could find yourself faced with some major issues. J.T. Miller Company can provide you with a solution.

Although you might be in a good financial position now, you cannot foresee the unknown. Creditor protection will guard you in a situation where you are unable to meet your repayment terms. Do not underestimate the importance of creditor protection.

Creditor protection includes the following:

  • Credit Disability
  • Makes monthly loan payments during periods of total disability due to accident or sickness.

  • Credit Life
  • Pays off the loan in the event of the death of the borrower.

  • Credit Involuntary Unemployment Insurance (IUI)
  • Makes monthly loan payments during periods of involuntary unemployment.

  • GAP Insurance
  • Pays off the loan balance if the vehicle is valued less than the loan balance due to a total loss.

  • Captive Reinsurance Company Formation
  • Earn underwriting profit and investment income beyond your sales commissions.

  • Mortgage Life and Disability
  • Lenders can offer traditional decreasing mortgage life and disability insurance using ACH billing methods on loans they originate. They will be able to earn and maintain fee income from the sales of insurance even though they may not service the loans. Program benefits include:

    • Lower rates for higher balances
    • Non-smoker discounts
    • Affordable disability rates
    • ACH billing eliminates the work associated with billing, collecting, remitting and reconciling the monthly premiums from escrow
    • Allows lender to offer insurance to all customers regardless if the lender plans to sell all or part of their new loan production or servicing
    • The lender maintains income flow from insurance sales on loans that are subsequently sold, transferred, refinanced or paid-in-full

Contact J.T. Miller Company today for more information and get a free online quote!

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