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Loan Protection

Loan Protection

Borrowers Protection Plan®

Loan protection for unexpected events

If you're already enrolled in the optional Borrowers Protection Plan, you have loan protection that:

  • Can cancel, rather than defer, your monthly loan payments (prinicipal, interest and any plan fee) for a specified period of time if your qualifying event meets the eligibility requirements of your plan
  • Doesn't restrict your ability to receive Borrower's Protection Plan benefits in addition to benefits you may receive from any active insurance policies or company plans you have

Borrowers Protection Plan® Benefit Requests

This optional debt cancellation plan was previously made available on many Bank of America first mortgages. It can cancel, rather than defer, your monthly loan payments (prinicpal, interest and any plan fee) for a specified period of time if the protected borrower experiences a qualifying event that meets the eligibility requirements of your specific plan.

Details about benefit-request eligibility, minimum requirements, deadlines and instructions:

  • Hide Involuntary unemployment

    Review minimum eligibility requirements

    Before you request Borrowers Protection Plan benefits, please take a look at the eligibility requirements for your event.There are a variety of plans, so please refer to the Borrowers Protection Plan Addendum and enrollment confirmation letter you received at loan closing for details for your specific plan. These are some general guidelines only which are most relevant if you enrolled in Borrowers Protection Plan after October 2009.

    Have you had Borrowers Protection Plan for at least 90 days?

    For all plans, the first 90 days after you enroll in Borrowers Protection Plan is an exclusionary period. This means that benefits are only available for protected events that happen after the first 90 days of your loan closing.

    Are you within your plan's reporting time limit for requesting benefits?

    For all plans, you must file a benefit request within 365 days from the first day a protected event occurs. If it has been longer than 365 days, benefits for the event will not be available.

    Are the following true for your situation?

    • You are not an independent contractor or a seasonal worker (independent contractors and seasonal workers are not eligible for involuntary unemployment benefits)
    • You were employed at least 30 hours per week at the same job during the 3 months immediately prior to the event
    • You have been out of work due to a layoff, job elimination that was no fault of your own, strike or lockout
    • You registered with your state unemployment office or a recognized employment agency within 30 days of losing your job
    • Your unemployment situation doesn't include any involuntary unemployment exceptions

    Are you self-employed?

    Based on your plan, if you are self-employed and own your own business, you may be eligible for benefits if you're unable to operate your business due to business (not personal) bankruptcy; failure or loss of equipment required to run your business; or damage to the business premises caused by fire, theft or natural disaster.

    How to request a benefit

    Once you've determined you've met the eligibility requirements for your plan, you’re ready to request your benefits.

    If you are self-employed, please call us at 1.866.317.5116. We can help you determine what situations your plan may protect and what documentation you may need to provide.

    1. Register with your state unemployment office or with a recognized employment agency within 30 days of losing your job. You will need to provide proof that you’ve registered or that you qualify for state unemployment benefits. Borrowers Protection Plan benefits are not reduced if you are receiving state unemployment benefits at the same time.

    2. Print and fill out this form (you'll need Adobe Reader):
    Involuntary Unemployment Initial Benefit Activation form (PDF)

    There are sections on the form to be filled out by other people, such as your former employer, a union official or an official of your state unemployment office or a recognized employment agency, depending on the nature of your unemployment. You may also need to submit other information if other parties are not able to complete their respective sections of the form.

    3. Mail or fax the form plus any other indicated documentation to:

    Bank of America
    Borrowers Protection Plan Services
    PO Box 961290
    Fort Worth, TX 76161- 0290

    Fax number: 1.866.380.6718
    ATTN: Borrowers Protection Plan Services

    Once we receive all necessary and complete documentation, a Bank of America representative will review your request within 7 business days, and you will be notified in writing of the benefit decision.

    Continuing your benefits

    If you're approved for benefits, you"ll be required to send monthly proof of your continuing unemployment by sending us the following form (requires Adobe Reader): Involuntary Unemployment Continuing Benefit Activation form

    The information on this page is only intended for customers who are already enrolled in Borrowers Protection Plan.


  • Show Disability

    Review minimum eligibility requirements

    Before you request Borrowers Protection Plan benefits, please take a look at the eligibility requirements for your event. There are a variety of plans, so please refer to the Borrowers Protection Plan Addendum and enrollment confirmation letter you received at loan closing for details for your specific plan. These are some general guidelines only which are most relevant if you enrolled in Borrowers Protection Plan after October 2009.

    Have you had Borrowers Protection Plan for at least 90 days?

    For all plans, the first 90 days after you enroll in Borrowers Protection Plan is an exclusionary period. This means that benefits are only available for protected events that happen after the first 90 days of your loan closing.

    Are you within your plan's reporting time limit for requesting benefits?

    For all plans, you must file a benefit request within 365 days from the first day a protected event occurs. If it has been longer than 365 days, benefits for the event will not be available.

    Are the following true for your situation?

    • You were employed at least 30 hours per week at the same job during the 3 months immediately prior to your disability
    • A doctor has considered you unable to do your job
    • You have been out of work
    • Your disability seems to fit within the plan's definition of disability

    How to request a benefit

    Once you've determined you've met the eligibility requirements, you're ready to request your benefits.

    1. Print and fill out this form (you’ll need Adobe Reader): Disability Initial Benefit Activation form (PDF)

    As indicated on the form, there is a section for your employer to fill out, as well as a section that needs to be completed by the physician who first considered you unable to work. The form includes an Authorization For Release and Use of Medical Information which requires your signature. Find out what supporting documentation you may need (PDF).

    2. Gather supporting documents from your physician and your employer, if needed.

    3. Mail or fax the form plus any other indicated documentation to:

    Bank of America
    Borrowers Protection Plan Services
    PO Box 961290
    Fort Worth, TX 76161- 0290

    Fax number: 1.866.380.6718
    ATTN: Borrowers Protection Plan Services

    Once we receive all necessary and complete documentation, a Bank of America representative will review your request within 7 business days, and you will be notified in writing of the benefit decision.

    Continuing your benefits

    If you're approved for benefits, you may be required to send periodic proof of your continuing disability by sending us the following form (requires Adobe Reader): Disability Continuing Benefit Activation form (PDF)

    The information on this page is only intended for customers who are already enrolled in Borrowers Protection Plan.


  • Show Hospitalization

    Review minimum eligibility requirements

    Before you request Borrowers Protection Plan benefits, please take a look at the eligibility requirements for your event. There are a variety of plans, so please refer to the Borrowers Protection Plan Addendum and enrollment confirmation letter you received at loan closing for details for your specific plan. These are some general guidelines only which are most relevant if you enrolled in Borrowers Protection Plan after October 2009.

    Have you had Borrowers Protection Plan for at least 90 days?

    For all plans, the first 90 days after you enroll in Borrowers Protection Plan is an exclusionary period. This means that benefits are only available for protected events that happen after the first 90 days of your loan closing.

    Are you within your plan's reporting time limit for requesting benefits?

    For all plans, you must file a benefit request within 365 days from the first day a protected event occurs. If it has been longer than 365 days, benefits for the event will not be available.

    Are the following true for your situation?

    • You were hospitalized for 2 or more nights in a row
    • You were hospitalized for medically necessary treatment that was not a result of any hospitalization exceptions

    How to request a benefit

    Once you've determined you've met the eligibility requirements, you're ready to request your benefits.

    1. Obtain a copy of your hospital bill showing that you were a patient, your check-in and check-out dates, and the reason you were admitted.

    2. Mail or fax us your hospital bill (no other form is necessary):

    Bank of America
    Borrowers Protection Plan Services
    PO Box 961290
    Fort Worth, TX 76161- 0290

    Fax number: 1.866.380.6718
    ATTN: Borrowers Protection Plan Services

    Once we receive all necessary and complete documentation, a Bank of America representative will review your request within 7 business days, and you will be notified in writing of the benefit decision.

    The information on this page is only intended for customers who are already enrolled in Borrowers Protection Plan.


  • Show Loss of life

    Review minimum eligibility requirements

    Before you request Borrowers Protection Plan benefits, please take a look at the eligibility requirements for your event. There are a variety of plans, so please refer to the Borrowers Protection Plan Addendum and enrollment confirmation letter you received at loan closing for details for your specific plan. These are some general guidelines only which are most relevant if you enrolled in Borrowers Protection Plan after October 2009.

    Have you had Borrowers Protection Plan for at least 90 days?

    For all plans, the first 90 days after you enroll in Borrowers Protection Plan is an exclusionary period. This means that benefits are only available for protected events that happen after the first 90 days of your loan closing.

    Are you within your plan's reporting time limit for requesting benefits?

    For all plans, you must file a benefit request within 365 days from the first day a protected event occurs. If it has been longer than 365 days, benefits for the event will not be available.

    Did you check to make sure the cause of death is not excluded?

    Please check that the protected borrower's cause of death is not excluded by the plan's definition of loss of life.

    How to request a benefit

    As a survivor of a protected borrower, once you've determined the protected borrower is eligible for loss of life benefits, you're ready to request benefits.

    1. Obtain a certified copy of the protected borrower's death certificate showing the cause and date of death.

    2. Mail or fax the certificate to:

    Bank of America
    Borrowers Protection Plan Services
    PO Box 961290
    Fort Worth, TX 76161- 0290

    Fax number: 1.866.380.6718
    ATTN: Borrowers Protection Plan Services

    Once we receive all necessary and complete documentation, a Bank of America representative will review your request within 7 business days, and you will be notified in writing of the benefit decision.

    The information on this page is only intended for customers who are already enrolled in Borrowers Protection Plan.


  • Disability

    When a doctor certifies that you can’t perform your job due to an injury or illness, you remain unable to do that job and you are under continuous care of a treating physician.

    Disability does not include anything that results from these events:

    • Normal pregnancy or childbirth
    • Intentionally hurting yourself
    • Injuries you receive during or as a result of breaking the law

    Additional requirements, conditions and exclusions apply that may prevent you from receiving benefits. Please refer to your Borrowers Protection Plan Addendum for complete details.

    Hospitalization Exceptions

    Hospitalization does not include staying in a nursing, rest or rehabilitation home or skilled nursing facility or stays that result from any of these events:

    • Normal pregnancy or childbirth
    • Intentionally hurting yourself
    • Elective surgery that’s not medically necessary
    • Injury or illness caused by the use of alcohol or other intoxicants or any drug, sedative or narcotic (unless you used it as prescribed by your doctor and you followed the manufacturer's instructions)
    • Injuries you receive during or as a result of breaking the law

    Additional requirements, conditions and exclusions apply that may prevent you from receiving benefits. Please refer to your Borrowers Protection Plan Addendum for complete details.

    Involuntary Unemployment Exceptions

    Involuntary unemployment does not include these events:

    • Quitting your job, taking a leave of absence, choosing to work for no wages or retiring
    • Termination due to breaking the law
    • Termination due to intentionally disregarding your employer’s interests
    • Placement on a voluntary or involuntary leave of absence
    • Disability caused by accident, sickness, disease, pregnancy or childbirth

    Additional requirements, conditions and exclusions apply that may prevent you from receiving benefits. Please refer to your Borrowers Protection Plan Addendum for complete details.

    Loss of Life

    The death of the protected borrower when the cause of death has not been a result of the following:

    • Suicide or intentionally hurting yourself
    • Death caused by use of alcohol or other intoxicants or any drug, sedative or narcotic (unless the protected borrower used it as prescribed by his or her doctor and followed the manufacturer’s instructions)
    • Death that occurred during or as a result of breaking the law

    Additional requirements, conditions and exclusions apply that may prevent you from receiving benefits. Please refer to your Borrowers Protection Plan Addendum for complete details.

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