Debt Protection Demand Increases
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While credit insurance and debt protection have been long-time staples for credit unions as part of their loan add-on product suites, some experts noticed that they are becoming more of a priority as the industry continues to seek new noninterest income streams.
The $764.9 million Credit Union 1 in Anchorage, Alaska, also a Securian client, said it has seen a year-after-year increase in the percentage of members interested in its debt protection services.
The CU expects more than $1 million in noninterest income from debt protection this year, which is more than twice what the financial institution earned from the product in 2007.