Payment Protection

It's designed to cover your loan payments1 in the event of death, disability, or unemployment. 

A Safety Net for Life’s Unexpected Moments 

Life is full of unexpected turns, and protecting you and your family’s financial well-being is always a priority. With this extra layer of security, you can focus on what matters most—caring for yourself and your loved ones.

Payment Protection is designed to give you peace of mind by helping cover your loan payments1 during difficult times, such as:

  • Illness / disability
  • Job loss
  • Unexpected challenges
 
Schedule an Appointment

How Does it Work?

Payment Protection works by covering your loan payments when unexpected challenges arise, such as illness, disability, or job loss. Instead of worrying about falling behind, the insurance steps in to help make your payments for a set period of time.

For example: If you were to lose your job unexpectedly, Payment Protection could cover your monthly loan payments until you get back on your feet—helping you protect your credit and your peace of mind.

 

Payment Protection Benefits

  • Peace of Mind: With your payments covered during job loss, illness, or disability, you can ease financial stress and focus on recovery or getting back to work. 
  • Financial Stability: It offers a safety net by covering monthly payments, helping prevent debt when income is lost. 
  • Credit Protection : It helps make sure your payments are covered, protecting your credit and giving you peace of mind for the future. 
 

Questions? We can help.

Monday - Friday 9AM - 6PM



Talk to a Member Service Specialist at 214-818-3231

or Schedule an Appointment

Already Submitted

a Claim? 

Monday - Friday 9AM - 6PM

 
Contact us at 800-527-006 Ext: 17205
 
 

Debt Cancellation - Protection Options

 
 

 

 

 


 


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General Payment Protection FAQs

No. Payment Protection benefits are paid directly to your lender to ensure your loan payments are made on time. This helps you avoid late fees, prevent debt from accumulating, and protect your credit score while you focus on recovery or managing unexpected challenges.
  • Must be under the age of 71 at the time of application.
  • Disability and IU benefits will terminate on the Borrower's 71s Birthday. Life benefit does not have a termination age.
  • Disability coverage is Accidental Coverage from 66th - 71st Birthday.
  • For options 1, 2, 3, and 5, Borrower must be actively at work for at least 24 hours per week, on the effective date (click here to see Payment Protection Options). 
  • Joint rates are only available for Consume Loans. Credit Cards are not eligible for joint rates.
 
*Pre-existing conditions may apply and are defined as medical conditions for which the Borrower received medical consultation, diagnosis, or treatment (including prescription medications) within six (6) months prior to the Coverage Effective Date or the date of any later advance, with a loss occurring withing six (6) months following the Coverage Effective Date or the date of any later advance.
No. Payment Protection helps cover your loan or credit payments if you face unexpected events like illness, disability, or job loss. Life insurance, on the other hand, provides a payout to your beneficiaries in the event of your death. While both offer financial protection, Payment Protection focuses on keeping your payments covered, not on providing a death benefit. 
If the unexpected happens, just contact paymentprotectionclaims@swbc.com or call (800) 527-0066 Ext 17205, and we’ll assist you in beginning your claim process with ease and support.
For more information about the Payment Protection program, please email payprotectsales@swbc.com or call (800) 527-0066.
You can file a claim if you are involuntarily laid off your job and have the appropriate payment protection coverage. Please contact us at your earliest convenience so we can gather additional details.
If you have disability coverage on your payment protection plan, your claim can be filed at the start of your disability.
Paperwork regarding your claim will be sent to your email or address, depending on what you choose, with a summary.
You can check status on your claim by reaching out at 800-527-0066 Ext 17205
Yes, coverage can be chosen as single or joint coverage. Single only covering the primary and joint covering both the primary and joint owner.
Payment protection is not mandatory on a loan; it can be cancelled at any time. Documents will need to be signed and returned to process cancellation.
A refund will not be issued; the charges will not be charged moving forward after the cancellation date.




Why CUTX?

Big thanks to Ryan Melton who assisted me with my Auto Loan yesterday. He provided some great tips and knowledge and made it an easy process. Great that Credit Union of Texas has employees who care and are looking out for their customers best interest.
Brian Reagan.
I’ve been a member for almost 30 years, I can’t imagine banking anywhere else. You’re more than another account at CUTX, you’re a member, you’re a family.
Elsa H.
The stuff, loan team and customer service were very helpful throughout my car loan process. Credit Union of Texas was able to offer me the best rate available for my vehicle. I would highly recommended CUTX to all of my friends and family.
Abebe A.








1. Loan Payments: Maximum monthly benefit of $1,000. Additional terms and conditions may apply. Membership required.