Best Payment Protection Providers & Insurers (2022)

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(Last Updated On: February 24, 2022)

Credit Insurance and Debt Cancellation are evolving products. So a “set and forget” strategy is no good for anyone. Like everything else you manage, it demands regular evaluations to answer three questions:

  1. Is the product or service addressing the stated need?
  2. Is it embraced by staff and offered consistently?
  3. Are there new options available to improve service or optimize results?

Funny, you just explained the purpose of our Learning Library. “Due Diligence. Made Easy.” It’s more than our tagline. It’s our goal. To ensure you and your staff have comprehensive and honest resources. Because getting the most out of everything you do is good for all of us.

That being said…

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This article will help you find the best Payment Protection providers. Each offers service to a range of banks and credit unions. You can’t go wrong with any of them. The deciding factors will come from their pricing, service, culture, and integration with your platforms.

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We work with Frost Financial. It’s been a productive partnership for decades. In our opinion, their VisualGAP menu offering platform provides a great combination of technology and borrower benefits.

Are they the best fit for your institution? Is working with us the ideal path? Maybe. Your goal is to be informed. So take a look at the industry’s best providers and insurers. Then, if you decide we are a good option, schedule a chat.

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Discover the 5 Easy Tips for Payment Protection Cheat Sheet. Do borrowers need it? How does an “agnostic” platform help? Debt Cancellation or Credit Insurance? This and more, inside!
Get the Cheat Sheet

Best Payment Protection Providers

CUNA Mutual Group

5910 Mineral Point Road
Madison, WI 53705

Founded in 1935 to protect credit union members. Today CUNA Mutual focuses on offering a wide range of insurance and financial products & services specifically for credit unions and their members.

Allied Solutions

350 Veterans Way
Carmel, IN 46032

For over 40 years, Allied Solutions has served the insurance & financial products needs of the financial institution sector. Today, as a subsidiary of Securian Financial Group, it serves over 4,000 clients in several industries.


9311 San Pedro Ave. Suite 600
San Antonio, TX 78216

Since 1976, SWBC has been providing a wide range of insurance, mortgage, and investment services to financial institutions, individuals, and businesses.

Frost Financial

8829 Chapel Square Drive
Cincinnati, OH 45249

Founded in 1972, Frost has the proven experience and expertise to meet the needs of financial institutions of all sizes and currently partners with more than 1150 credit unions and banks nationwide.

Cherry Creek Financial Services

8910 Jackson Park Boulevard
Wauwatosa, WI 53226

Serving the credit union industry since 1977, Cherry Creek Financial Services believes in discovering needs through honest conversations and personal service.

Insurance Companies

Want to go direct? That’s also an option. Here are the best insurance companies to help get your institution providing credit insurance or debt cancellation to your customers. Contact them to find a servicing agent or broker in your area.

American National Insurance Company (ANICO)

1 Moody Ave.
Galveston, TX 77550

Founded in 1905, American National and its subsidiaries offer a broad line of products and services. These include life insurance, annuities, health insurance, credit insurance, pension products, and property and casualty insurance for personal lines, agribusiness, and certain commercial exposures.

Pekin Insurance

2505 Court Street
Pekin, Illinois 61558

Since 1969, Pekin Life Insurance Company has provided valuable products and services to communities throughout the Midwest. By providing a high level of service and a diverse product line, a network of financial institutions and auto dealerships now represent Pekin Life Insurance Company.

The Plateau Group

2701 North Main Street
Crossville, TN 38555

The Plateau Group, Inc. is an insurance holding company that specializes in the business of credit insurance and other loan related products for financial institutions, automobile dealers, consumer finance companies and other retail lenders.


10151 Deerwood Park Blvd.
Bldg. 100, Ste. 330
Jacksonville, FL 32256

Fortegra helps their partners and consumers Experience More. Founded in the late 1970s, they are now the second-largest credit insurer in the U.S.

For Your Consideration

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Each provider or insurer listed above can help you offer payment protection to your account holders. Which is the best for you? We can’t answer that. However, we work with Frost Financial & Cherry Creek Financial Services. The latter also is led by a Joe, so we’re fans. Both companies are our top choices, but they may not be yours. And that’s ok!

To be empowered with the right questions to ask both the provider and your team, check our library of Payment Protection resources.

Real People. Real Results.

Choosing your provider is just one step in the process. Remember, while these products can help you boost non-interest income, their primary goal is to help people avoid challenging financial situations.

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Looking closely at your options.

We work closely with lenders at dozens of financial institutions. As a result, we understand some of your challenges and goals. More than likely, you already have some sort of Payment Protection offering.

If so, we help you determine if it is best serving all parties. If not, let’s discuss if credit insurance or debt cancellation is a fit for your institution.

Simply schedule an informal chat. You pick the time. Right on the site. We’ll reach out to make sure we are all on the same page. Then we chat. Guess due diligence isn’t the only thing we’re making easy! (I crack myself up.)

And, as always, remember to Subscribe to the Learning Library so you stay in the loop!

Joe Winn - CU Geek

Blogger. Speaker. Part-time Jedi.

Focused on helping your bank or credit union grow in the face of emerging challenges.