We are proud to offer a special debt forgiveness benefit exclusively for our members who serve as active full-time sworn peace officers and reserve peace officers.
Qualified members may enroll by speaking to a Loan Officer when opening an eligible loan. This complimentary benefit covers eligible member loans taken out at the Credit Union, including:
- Mortgage & Home Equity Loans
- Auto Loans
- Credit Cards
- Personal Loans
To qualify for the End of Watch Debt Forgiveness Benefit, members must:
- Have funded a new loan amount of at least $10,000 with The Police Credit Union
- Be a member of the Credit Union and be an active full-time sworn peace officer or reserve peace officer employed by a federal, state, county or municipal agency
Frequently Asked Questions
Who is eligible for the End of Watch Debt Forgiveness Benefit program?
Any member of The Police Credit Union who is an active full-time sworn peace officer or reserve peace officer (excluding Alaska and Washington).
Is there a cost to add this benefit?
There is no cost to you as a member of The Police Credit Union.
How do I qualify for this benefit?
To qualify for the End of Watch Debt Forgiveness Benefit, the Borrower must 1) have funded a new loan amount of at least $10,000 with The Police Credit Union, and 2) be a member of the Credit Union and be an active full-time sworn peace officer or reserve peace officer employed by a federal, state, county or municipal agency.
What is the maximum debt amount covered?
The End of Watch Debt Forgiveness Benefit cancels the outstanding loan balance(s) as of the eligible officer's date of death up to a combined maximum of $850,000 for all loans with the Credit Union.
Are credit card balances covered?
Yes, all eligible loan types are covered, including mortgage loans.
Are there any program exclusions?
- Death from suicide or self-inflicted injury or abuse
- Pre-existing health conditions
- Death due to disease or other causes not directly related to work-related activities including but not limited to cancer, Alzheimer's disease, heart or liver disease
- Covered borrower is aged 70+
- Death occurs prior to the effective date of protection
- Death occurs as a result of a crime committed by borrower
- Death is caused by an outbreak of a communicable disease or pandemic
- Death from an atomic explosion, war, terrorism
Please see waiver addendum for additional detail regarding program exclusions, terms and conditions.
If I already have an umbrella policy with my insurance carrier, does that provide a similar benefit to the End of Watch Debt Forgiveness benefit?
No, the two are different. Umbrella insurance is extra insurance that provides protection beyond existing limits and coverages of other policies. Umbrella insurance can provide coverage for injuries, property damage, certain lawsuits, and personal liability situations. Premiums are paid by the holder of the insurance policy and there is no payout upon the death of the account holder.
The End of Watch debt forgiveness benefit is a program offered by The Police Credit Union at no cost to qualifying members that cancels a sworn peace officer’s outstanding loans up to $850,000 when death occurs while the member is engaged in work‐related activities as a full‐time peace officer, whether on or off duty, as the result of external force, violence or disease. No sign-up is required; The Police Credit Union pays the premium for End of Watch coverage upon the funding of a new loan of $10,000 or more.
Where can I find out more information?
For inquiries related to the End of Watch Debt Forgiveness Benefit, please look for the "We're here to help" section below.
The Police Credit Union provides the End of Watch Debt Forgiveness Benefit through a partnership with AmTrust Specialty Risk.
Need to file a claim?
We're Here to Help
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