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Debt protection sales tips

The key to selling is understanding

Understanding debt protection, how it works, who needs it and how it can benefit your customers or members can help you confidently present the solutions that may fit best. 

Debt protection sales tips

Number one

Start the conversation

With two-thirds of American’s living paycheck to paycheck1, and consumer debt at a record high2, debt protection or payment protection solutions are relevant and important financial security products for consumers. That’s why it’s important to build multi-channel communications to educate and engage your clients at the right time. 

  • Start conversations with borrowers in person or via chat
  • Offer educational information on your website
  • Include information in e-newsletters, client statements and digital ads
  • Engage individuals when they start the loan application process
  • Integrate payment protection into your online loan application process
Number two

Highlight the features and benefits

Sharing product features and how others have benefited from protection products can help address members’ priorities and alleviate their concerns – showing them the tangible value of credit protection and how it could play a role in their lives.

Know the basics

Familiarize yourself with the product. Understanding the product features can help you speak confidently to the benefits of credit protection and why members need it.  


What is debt protection and how can it help borrowers?

Debt protection is a simple, cost-effective way to cancel your loan balance or reduce your monthly payment if you become disabled, unemployed or pass away.

Debt protection creates a well-rounded financial safety net borrowers by helping them: 

  • Reallocate funds for other needs
  • Protect their credit rating
  • Reduce risk of default and loss of collateral

Additionally, debt protection is: 

  • Convenient — the borrower has only one payment; it is included in the client’s monthly loan payment
  • Straightforward — there are simple eligibility requirements, making it an easy way to qualify for protection 

How does it work?

Depending on the event, our plan will reduce or entirely cancel your outstanding balance or monthly loan payments, allowing you to focus on what really matters. 

What is covered?

  • Loss of life: Will cancel the outstanding loan balance up to a specified dollar amount 
  • Disability: Can cancel up to 12 monthly payments per occurrence up to a certain dollar amount and a specified total amount over the life of the loan 
  • Involuntary unemployment: Can cancel up to 6 monthly payments per occurrence up to a certain dollar amount and a specified total amount over the life of the loan

Please note, coverage details are specific to your institution’s selected program. 

Who is eligible?

You must meet the following criteria for eligibility.

  • Under 70 years old
  • In the last two years, you haven’t been advised of, or treated for, or taken any medication for heart attack (or other heart disease or disorder), coronary artery disease, cancer, stroke, cirrhosis, AIDs, or a positive HIV test.
  • Presently working 25 hours or more per week
  • Not self-employed

What else should I know?

  • Credit protection is entirely optional and won’t affect your members’ application for credit
  • They can cancel anytime. If they cancel within 30 days, any fees paid will be refunded
Number three

Share the stats. Tell a story your members can relate with.

Twenty-four percent of Americans don’t have any money saved for emergencies. And while 37% reported having at least a month’s worth of income in emergency savings, 39% reported having less than this.3

Loan payments can be a significant monthly expense for families. Based on the above, almost 40% of the American population would not have the money they need to cover their monthly expenses in the event of an emergency. The loss of income due to disability, involuntary employment, or death could put significant strain on a family.  

Illustrating how consumers have benefited from using payment protection products and showing how people without coverage can experience financial strain can insight consumers to take action toward safeguarding their income. 


Conversation or chat starters

  • If you were to miss one month of paychecks, would you be able to pay your bills?
  • For dual-income households: If you or your significant other/husband/wife were to be out of work, would you be able to cover your monthly expenses?
  • If an unpredictable event were to occur, such as an injury or illness or if you were to become unemployed, would you be able to pay your bills?

Loss of life

Worrying about an outstanding loan balance should not be a family’s primary concern when there is a death in the family. Credit protection can allow families to focus on what matters most and help alleviate financial burden. 

Coverage: will cancel the outstanding loan balance up to a specified amount based on your specific policy.

Stat: term life insurance is typically contingent on a medical exam and even if you are in good health, the premium price can be costly, especially dependent upon the age in which you purchase it. In some cases, certain individuals may not even qualify for it. Credit life insurance often has less stringent health screening requirements and is a great option for individuals to pay off their debt if they were to die – preventing their family from incurring the burden of their debt.4

Claim testimonial:

“It was comforting to know everything would be ok.”

Bringing comfort to your members in a time of need is a benefit worth sharing. 



Many individuals can’t imagine ever needing disability insurance. However, it can play an important role if an unexpected event were to occur. Credit protection can help put money back into a family’s monthly budget to afford essentials, such as groceries, helping them through a challenging time. 

Definition of disability for disability insurance: Disability is an illness or injury, either physical or mental, which prevents you from performing your regular and customary work.

During the term of the agreement, you must:

  1. Be continuously unable, due to sickness or injury, to perform the substantial and material duties of your regular occupation; and
  2. Be under the regular care and treatment of a licensed physician or licensed health care provider; and
  3. Be disabled for at least 30 consecutive days.

Coverage: can cancel up to 12 monthly payments per occurrence up to a certain dollar amount monthly and a specified total amount based on your specific policy

Stat: 1 in 4 adults will become disabled before reaching age 67.5

  • Examples of potential causes of disability: diseases, disorders & illnesses, cancer, heart disease, back issues, stroke, carpal tunnel syndrome, pregnancy & pregnancy complications, mental disorders, and more. 

  • Educating borrowers on the causes of disability is important because they may not categorize some of the examples above as disabilities. And if they find themselves experiencing one of these examples, having disability coverage on their loan could have a significant impact. 

  • Please note, the borrower cannot have a preexisting condition to qualify for coverage. 

  • It does not have to be a work-related incident 

  • There is a 90-day wait period 

Claim testimonial:

“Securian disability insurance helped me maintain my loan payment when I was out of work with an injury. For a minimal monthly cost, it gave me and my family the peace of mind that we would be able to afford necessities and pay my loan while I was out of work. I would highly recommend that others take advantage of this, if offered. Even if you don’t think you would need it in the future - you never know what could happen. Thank you Securian!”

Sharing how others have benefited from payment protection can help borrowers see the impact it can have. 


Involuntary unemployment

Losing a job is one of the most stressful events in a person’s life. According to the American Psychological Association (APA), job loss and its related financial strain can have adverse effects on an individual’s health and emotional functioning for longer than the triggering event itself.6 By removing the worry of making their loan payment, it allows the borrower to focus on their family and look for a new job. 

Coverage: can cancel up to 6 payments per occurrence up to a certain dollar amount monthly and a specified total amount based on your specific policy

Stat: as of September 2023, 62% of consumers live paycheck to paycheck.1

Claim testimonial:

 “This benefit made it possible to get groceries and pay my insurance premium while I am out of work.”

While over half of consumers live paycheck to paycheck, being able to reallocate budget can play a significant role in helping with day-to-day needs while someone is out of a job. 

Additional resources

Member resources

*Please reach out to your representative to customize this brochure with your logo


1. Consumers Deplete an Average of 67% of All Available Savings Once Every Four Years, LendingClub Corporation, Oct 30, 2023. 

2. Share of debt held by US consumers younger than 50 rises by most on record. Alexandre Tanzi, Bloomberg, November 7, 2023. 

3. Key Savings Statistics and Trends In 2023, Emily Batfdorf, Forbes Advisor, Jun 29, 2023.

4. Credit Life Insurance: What it is and Who needs it, Julia Kagan, Investopedia, July, 23, 2023.

5. Disability Insurance Awareness Month 2023, LIMRA, May 15, 2023.

6. Links in the Chain of Adversity Following Job Loss: How Financial Strain and Loss of Personal Control Lead to Depression, Impaired Functioning, and Poor Health, Richard H. Price, Ph.D., Jin Nam Choi, Ph.D., and Amiram D. Vinokur, Ph.D., University of Michigan; Journal of Occupational Health Psychology, Vol 7, No. 4., 2022.

The testimonial(s) provided by Securian Financial's customer(s) identified in this material was freely given without receiving any compensation. 

DOFU 1-2024