Spirit of Alaska Protection (SOAP)

  • Overview

    Spirit of Alaska Protection (SOAP)

    Help protect your family against the unexpected.

    Life can be wonderful, but it can also get complicated when unexpected things happen. Protecting your loan balance or loan payments against death, disability or involuntary unemployment could rescue your family from financial hardship.

    New! Life Plus Protection now available. SOAP benefits have improved with Life Plus.

    If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), Spirit of Alaska Protection will cancel or waive your loan payment(s), up to the contract maximums.

    Life Plus adds protection for financially-stressful life events

    • death of a protected borrower
    • accidental dismemberment
    • terminal illness
    • hospitalization
    • family medical leave
    • loss of life of a non-protected dependent

     

    What type of loans does SOAP cover?

    SOAP can be purchased for any of these consumer loan products:

    Apply for SOAP with Life Plus

    It’s easy to apply for Spirit of Alaska Protection. It’s voluntary, and won’t affect your loan approval.

    Call our Consumer Loans Department at 907-459-5970 and ask about protecting your loan today.

    Additional Information

    Your purchase of Spirit of Alaska Protection (SOAP) with Life Plus is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of SOAP. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid.

    DP-2098950.1-0418-0520 © CUNA Mutual Group 2018, All Rights Reserved.

  • FAQ

    Frequently Asked Questions

    • Which of your loan products qualify for SOAP?

      SOAP can be purchased for any of these consumer loan products:

       

    • How does enrollment work?

      The process is simple. By making it a part of the loan process, once eligibility is determined, enrollment is completed at the credit union. It is fast and easy.

    • Won’t my sick leave through work take care of my expenses?

      Many sick leave plans are for a limited period of time – often just 30 days. Payment protection may help lessen you and your family’s worries about paying this loan during a time when your income may be reduced or lost and paying other household bills becomes challenging.

    • Doesn’t my workers comp or employee disability insurance cover the same thing? Why should I consider payment protection too?

      Employer disability plans typically pay a percentage of the gross monthly income. This may be insufficient to maintain the income needed to pay all your debts and bills and maintain your standard of living. Payment protection could help you meet your loan payment obligation so insurance and benefits through your employer may cover other living expenses. This could be beneficial to you during a time when your income may be reduced or lost.

    • What about my other life insurance coverage? Isn’t that enough?

      Purchasing insurance to replace your income and protect your family from specific risks is one way to plan for the unexpected. Have you planned for this new debt obligation? Payment protection may supplement the life insurance you already have.

    • We have two incomes. Isn’t that enough?

      Your family’s current standard of living is based on two incomes. If one income is reduced or stopped, what impact would that have on your standard of living? Could it cause financial difficulties? If a protected life event occurs, payment protection could help you meet your loan payment obligations and help you maintain your current standard of living.

    • I won’t get sick. Why should I consider payment protection?

      It’s great to be healthy today, but you can’t predict the future. Have you ever considered or planned for what you would do if an illness or injury prevented you from working for a period of time? Payment protection may help lessen worries about paying this loan during a time when your income may be reduced or lost and paying other household bills becomes challenging.

    • How do I know if I can afford it?

      Could you afford to make these loan payments if you become sick or injured and are unable to work for a period of time? It is your choice to elect payment protection and decide what is right for your personal financial needs. Talk with your lender about how to keep your monthly payment within a range you’re comfortable with.

  • Request Protection

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Alert:

Scammers are increasingly targeting financial accounts by posing as credit union or bank employees. Never share your one-time passcodes, authentication codes, debit/credit card numbers, or online banking passwords. Spirit of Alaska will never request these details over the phone, via email, or through text. If you receive a suspicious call, even if it appears to be from our official number, hang up and contact us directly at 907-459-5900 to verify.

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I need help with Spirit of Alaska Protection (SOAP)

We’d love to help! Just give us your name, phone number, and email address and we’ll contact you as soon as possible!

    For your security, do not include sensitive information, such as Social Security numbers or account numbers, in your message. If you need to communicate with us about sensitive information please use the Message Center in e-Teller, your online banking application, or call us during regular business hours so we can verify your identity. For other inquiries, send us a message here and we're happy to help!

I have a question

We’d love to answer your questions! Just give us your name, phone number, and email address and we’ll contact you as soon as possible!

    For your security, do not include sensitive information, such as Social Security numbers or account numbers, in your message. If you need to communicate with us about sensitive information please use the Message Center in e-Teller, your online banking application, or call us during regular business hours so we can verify your identity. For other inquiries, send us a message here and we're happy to help!

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