KILLED IN THE LINE OF DUTY LOAN PROTECTION
In Search of a Higher Education
Chicago Patrolmen’s Federal Credit Union offers great interest rates on a variety of student loan options. We Offer Deferred Payment Student Loans, Student Loan Consolidations, and Tuition Loans.
Chicago Patrolmen’s Federal Credit Union is pleased to feature Killed in the Line of Duty Loan Protection, a special debt cancellation benefit created exclusively for active Law Enforcement Officers. Available for multiple loans* at no cost to the borrower, this complimentary benefit will cancel up to $850,000 of the outstanding balance of one or more loans should the unthinkable happen to an officer due to a line-of-duty incident.**
Killed in the Line of Duty Loan Protection is a waiver addendum to the qualifying loan agreement between the borrower and the Credit Union under which the Credit Union agrees to cancel the amount of the borrower’s eligible loan(s) if the member dies while engaged in work-related activities as a Law Enforcement Officer, whether on- or off-duty, as the result of external force, violence, or disease (including heart attack or stroke occurring during training, or other strenuous activity.)
How Do I Qualify for Killed in the Line of Duty Loan Protection?
To qualify for Killed in the Line of Duty Loan Protection, the borrower must meet the following criteria:
- Take out at least one eligible loan* with Chicago Patrolmen’s that qualifies for the complementary Killed in the Line of Duty Loan Protection; and
- Be an active sworn Law Enforcement Officer employed by a federal, state, county or municipal agency
To qualify for Killed in the Line of Duty Loan Protection, qualifying members must take out a new eligible loan* for $25,000 or greater; or an aggregate of two or more new eligible loans* for $25,000 or greater.
The following is a list of Killed in the Line of Duty Loan Protection program exclusions:
- Death from suicide
- Death from diseases or other causes not related to work-related activities
- Covered person is aged 70+
- Death occurs prior to the effective date of protection
- Death occurs as a result of a crime committed by borrower
- Atomic explosion
- Outbreak of communicable diseases epidemic or pandemic
- War, whether declared or undeclared
- Actual or expected act of terrorism
Apply for an Eligible Loan!*
*Killed in the Line of Duty Loan Protection is available only for the qualifying officer, and the protection may not be purchased outright. This debt cancellation benefit only applies in the case of death. Please see loan addendum upon loan closing for more details.