BASKING RIDGE, N.J. – Affinity Federal Credit Union has joined forces with American General Assurance Company, an American International Group member company, to offer members debt protection programs. With AGAC serving as program administrator, members will now be able to protect their loans with life, disability and involuntary unemployment products. Debt protection agreements are two-party contracts between the credit union and the member in which the credit union agrees to defer the required monthly payments and waive finance charges for a fixed period and/or cancel outstanding debt in the event of certain predefined occurrences. Debt protection programs cover such events as death, disability, divorce, leave of absence, hospitalization, critical illness, stay at a skilled nursing facility and unemployment. The $1.3 billion credit union also plans on introducing debt protection through its CUSO CUMAnet during the second quarter of 2004. American General Assurance Company (AGAC) has been designated as NAFCU Services Corporation’s (NSC) Preferred Partner for Debt Protection program administration since May 2002.

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