The cost of Payment Protection varies depending upon your needs and current balance. Payment Protection is included in your monthly payment, thus eliminating additional bills. Speak to a BB&T Retail or Small Business Lender at your local branch about adding Payment Protection to your accounts.
| If you're looking for protection in case of... |
Think about... |
Then consider if Payment Protection is right for you... |
| Loss of Life |
Do you have enough life insurance? Financial experts recommend carrying coverage equal to eight times your annual income, plus an additional year's income for each child under 18. |
Life insurance is intended to provide income for your family or fund college education for your children. Having Payment Protection prevents your life insurance payout from being consumed by debt payments. |
| Disability |
The standard waiting period to file a claim under an employer's disability plan is 60-90 days, and the standard payout is 50% - 60% of your monthly income. |
Payment Protection will make payments on your behalf if you are unable to work due to disability. |
| Unemployment |
In case of unemployment, you should have enough savings to cover your expenses for six months. |
Payment Protection will make payments in the event you lose your job. |
| Critical Injury |
Severe injuries can happen at any time, not just on the job. An automobile or household accident can lead to the loss of a limb, hearing, or sight. |
You can carry Payment Protection on your BB&T Credit Cards and Constant Credit lines in the form of BB&T Revolving Account Protector (RAP), which will pay your account in full should one of these situations occur. |
| Terminal Medical Condition |
Terminal Medical care can be unexpectedly costly, needlessly adding to the strain of an already difficult situation. |
You can carry Payment Protection on your BB&T retail loans and lines of credit as well as Credit Cards and Constant Credit lines, which will pay your account in full should one of these situations occur, freeing up needed cash. |
| Leave of Absence |
There are many reasons you might need to take a leave of absence from work. The arrival of a new child, needing to care for a sick relative, or even being called back to active military duty can mean you'll be needing to take time away from work. |
All of these situations are protected with BB&T Revolving Account Protector (RAP) on your Constant Credit lines and BB&T Credit Cards. Your monthly payments will be made while you take care of your family or fulfill your military obligation. |
| Hospitalization |
Illness or injury may require hospitalization. Even if your doctor is only monitoring your condition, hospital bills can add up quickly. |
When you carry Payment Protection on your BB&T Retail Loans and Lines of credit, BB&T Credit Cards, and Constant Credit lines, you may file a benefit request to have your payments made after as little as 2 days in the hospital under a doctor's care. |
| Please note, there is some exclusionary language in the contract that may prevent you from receiving benefits. Payment Protection plan limits vary depending upon your specific needs. Please consult a Retail or Small Business Loan specialist at your local branch for information on plan limits. |
