This product is optional. Your purchase of debt protection from Regions is optional. Whether or not you purchase debt protection from Regions will not affect your application for credit or the terms of any existing credit agreement you have with Regions.
Amount of fee for Installment Loans. Your Debt Protection Fees for an installment loan will accrue on a daily basis and will be due monthly along with your Loan payments. The daily fee for Regions Debt Protection is computed by multiplying the lesser of the outstanding principal balance of the Loan or $100,000 each day by the daily factor set out below for each selected Protected event:
Single Life/Terminal Illness |
0.00003255 |
Joint Life/Terminal Illness |
0.00005523 |
Job Loss |
0.00004504 |
Disability/Family Leave |
0.00004214 |
If you make all of your Loan payments on their payment due dates, you do not incur any additional charges under your Loan and Regions does not change the fee rate, the total Debt Protection Fee (i.e., the sum of your monthly fees) for the Protection Option(s) you select will be as shown in the following examples: For a Loan of $10,000 at an interest rate of 10% with a term of 4 years:
Single Life |
Joint Life |
Job Loss |
Disability |
Total (Single Life + Job Loss + Disability) |
$264.88 |
$452.59 |
$345.59 |
$365.66 |
$976.13 |
For a Loan of $50,000 at an interest rate of 7.5% with a term of 12 years:
Single Life |
Joint Life |
Job Loss |
Disability |
Total (Single Life + Job Loss + Disability) |
$4,402.93 |
$7,576.33 |
$5,744.57 |
$6,078.12 |
$16,225.62
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Amount of fee for Lines of Credit. The monthly Debt Protection Fees for a line of credit are based on the lesser of the outstanding Line of Credit balance or $50,000 each month multiplied by the unit-cost set out below for each selected Protected Event:
Single Life/Terminal Illness |
$0.99 per $1,000 |
Joint Life/Terminal Illness |
$1.68 per $1,000 |
Job Loss |
$0.74 per $1,000 |
Disability/Family Leave |
$0.74 per $1,000
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On both installment loans and lines of credit, Regions Bank may change the amount of the Debt Protection Fee in the future by giving you written notice, but you will have the option to cancel the Rider before any Debt Protection Fee change goes into effect.
Refund of fee. You may cancel the Rider within thirty (30) days from the Rider Start Date and receive a full refund of the Debt Protection Fee you have paid. Because each monthly payment of Debt Protection Fees provides you with debt protection for the month in which the payment is made, you will not be entitled to any refund after the initial thirty- (30) day period.
Use of Line of Credit restricted. If protection is activated for a Protected Event of Loss of Life, Job Loss or Disability, you may be unable to use your Line of Credit.
Termination of the Rider. Either you or Regions has the right to terminate the Rider at any time by sending written notice to the other party. Also, the Rider will terminate upon default on your Loan or Line of Credit, termination or refinancing of your Loan or Line of Credit, the date your Loan or Line of Credit is sold, your failure to pay the Debt Protection Fee, your reaching the age limits or term limits for certain Protected Events, or cancellation of your debt in an amount equal to the maximum protection amount under the Rider.
Eligibility requirements, conditions and exclusions. There are eligibility requirements, conditions and exclusions that could prevent you from receiving protection under the Rider. You can find a complete explanation of the eligibility requirements, conditions and exclusions for each Protected Event in the General Requirements and Conditions Section and the Specific Requirements and Conditions Section of the Rider.
Regions’ Rider may not cancel your entire debt upon activation. The amount of debt canceled under the Rider may not be sufficient to cancel your entire debt. You should read the Rider to determine your rights upon the occurrence of a Protected Event.
Read the Rider. The information provided in these disclosures is qualified in its entirety by the terms of the Rider itself. Regions encourages you to read the Rider carefully and make sure you understand its terms and conditions before purchasing debt protection.
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