Payment Protection is made available during the loan process. When you enroll in Payment Protection, your loan will continue to have protection until it is cancelled according to the terms of the agreement. You could receive benefits multiple times during the loan term. However, the benefit period or amounts for loss of life, disability or involuntary unemployment events are limited to the benefit maximum. A recurrent event period also applies to some protected events. There are parameters that have to be in place in order to have your loan payments cancelled due to unemployment or disability*.
*To qualify for payment protection, you must meet the definition of Disability for at least 14 consecutive days and not be actively working at any job or combination of jobs paying you an income equal to or exceeding 80% of the income you were earning from your active employment immediately preceding the date you qualified for disability.
Disability always means you are unable, because of a medically determined accidental injury or sickness, to perform all of the essential functions of your occupation at the time your disability begins, and you are under the regular care and treatment of a licensed physician, other than you or a family member. If you are not employed when your disability begins, disability always means you are unable, because of a medically determined accidental injury or sickness, to perform the essential functions required of any occupation for which you are reasonably qualified by training, education or experience.