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Credit protection

Protecting your credit from unforeseen events

Life is unpredictable. If you’re dealing with an unforeseen event like an accident, disability or unemployment, the last thing you’ll want to worry about is maintaining your credit score – and you may even need some help making loan payments.

Credit protection products help ease your financial burden and protect you from becoming delinquent on your loans – by paying, canceling or waiving what you owe.

Securian Financial offers a variety of products through banks, credit unions or finance companies that are designed to help you meet your obligations even in the most difficult of circumstances. Talk to your financial institution to find out which products are available to you.

Credit insurance

Credit insurance protects your credit rating and reduces financial burden by paying off or reducing your remaining loan balance in the event of your disability or death.

You can choose to purchase credit insurance to cover installment loans, lines of credit, credit card loans and certain types of real estate secured loans.

Guaranteed asset protection (GAP)

Protect the investment made in your vehicle with guaranteed asset protection (GAP).

GAP waives the difference between your auto insurance company’s settlement amount and the remaining balance of your loan if your vehicle is declared a total loss due to an accident or theft.1

Your insurance settlement amount is based on the actual cash value established by the insurance company insuring your vehicle. When that settlement amount is less than your vehicle’s loan balance, you are left with a deficiency balance, or a "gap,” and you have to pay the amount you still owe on your loan. GAP will:

  • Waive the difference between the payoff amount of your loan and your vehicle’s actual cash value (ACV) determined by your auto insurance company.
  • Waive up to $1,000 of the your insurance deductible as part of the loan deficiency balance, if one exists.2

You can purchase GAP to protect your investment in many types of vehicles, including:3

  • Automobiles
  • Vans
  • Light trucks
  • Motorcycles
  • Boats
  • Jet skis/personal watercraft
  • Snowmobiles
  • ATVs
  • RVs (motorhomes, travel trailers)

Debt protection

Take action to safeguard your family against unforeseen events with debt protection.

Debt protection is an agreement between you and your lender that cancels or suspends all or part of your obligation to repay a loan due to specified events, such as death, disability or involuntary unemployment.

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1. Subject to certain exclusions and limitations. Waiver amount will be reduced by delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. See the GAP Waiver Addendum for all terms, limitations, and exclusions.

2. Waiver of the insurance deductible (up to $1,000) is available in most, but not all states. Please consult your financing representative for the availability of this feature.

3. The vehicles eligible for GAP protection may vary by financial institution and, in some cases, by state. Please confirm eligibility of your vehicle with your financing representative.

DOFU 10-2023