Instead of solely offering protection in case of death, disability and involuntary unemployment, debt protection products offer the versatile benefits that people in the 21st century need. Divorce, hospitalization, family-leave are only a few of the benefits that the financial institution can offer its clients through debt protection products, in addition to the traditional benefits offered through credit-life insurance.

Debt protection products are two-party agreements between the borrower and the lender. Unlike credit insurance, debt protection gives the lender the flexibility of tailoring the product to fit its clients’ needs. Debt protection is an addendum to the loan agreement; therefore an insurance license is not required to sell debt protection products.