Payment/Debt Protection

Reasons our Clients Offer Payment/Debt Protection

Provides Borrower Peace of Mind by lifting the burden of a financial emergency.

Reduces delinquency/charge offs for events most commonly linked to delinquency.

Provides Borrower protection from events that cannot typically be purchased on the open market such as unemployment.

Helps Borrower stay on the path to better financial wellness.

Lessens money worries for all age groups and income levels.

Affordable protection conveniently billed with loan or credit card payment.

What is Payment Protection?

A two-party contract between lender and borrower that promises to eliminate the loan or credit card balance in the event of loss of life, or cancels the monthly payment if involuntary unemployed, disabled, or suffered other specified hardship

Addendum to the loan/credit card Agreement (not insurance), fee is based on the % of monthly payment and the combination of covered events

Benefits of Payment/Debt Protection

  • Cancels the Borrower’s Monthly Payments/Balance keeping the loan current
  • Provides Borrower Peace-of-Mind in uncertain times
  • New Revenue Stream
  • Reduced Delinquency
  • Customers Value the Protection
  • Protection for Investors (if applicable)
  • Protects your business from an economic downturn
  • Reduces repayment risk & generates fee-based revenue

Compliance and Oversight

A dynamic industry requires attention to detail. Our team of experts are a valuable guide to ensure you are offering a compliant program. You’ll have a team working on your behalf that understands the underpinnings of what is required when operating a payment/debt protection program.

Aon deploys extensive controls and oversight to ensure your program operates as designed. Our investment in PCI Certification provides assurances that consumer data will not be compromised.

Aon’s independent Quality Team uses statistical methodologies to review documented Standard Operating Procedures and business rules for each functional unit to provide an added layer of audit security. This team’s analytical testing and insights monitors daily controls to ensure program compliance while also identifying trends and key metrics for management decision-making.