Payment Protection offers valuable financial security on your Fig loan. However, it's important to understand how missed or deferred payments may affect your coverage. Certain situations can lead to the automatic cancellation of your Payment Protection plan.
Situations That Can Cancel Your Payment Protection
1. Late or Missed Payments
- If you fall more than 31 days behind on a loan payment, your Payment Protection coverage will be automatically canceled.
- Once canceled, you will no longer be eligible to file any new claims under the coverage.
2. Deferred Payments
- Payment deferrals are offered as temporary relief to help borrowers facing financial hardship.
- If you fail to make your deferred payments on time, your Payment Protection coverage will also be automatically canceled.
- Please note: You can request a payment deferral only once every 12 months.
For more information about missed payments, visit: What Happens if I Miss a payment?
What Happens If My Payment Protection Is Canceled?
If your Payment Protection coverage is canceled:
- You will no longer have insurance protection on your loan.
- You will not be able to submit claims for covered events such as:
- Involuntary job loss
- Disability
- Critical illness
- Death
- Coverage cannot be reinstated once it has been canceled.
How Can I Keep My Payment Protection Active?
To maintain your Payment Protection coverage:
- Make all loan payments on or before the due date.
- Ensure any deferred payments are made on time, according to your adjusted payment schedule.
- Monitor your account regularly to avoid missed payments.
Need Help?
If you have questions or need assistance with your Payment Protection coverage, you can contact our customer support team at support@fig.ca.
Staying current with your payments helps you maintain the full protection your Payment Protection coverage offers.
