State Farm Bank® Credit Protection Program Summary

Credit protection is an optional feature that modifies the terms of your Cardholder Agreement with State Farm Bank. Enrollment in the program will not affect our decision to extend credit. The program will cancel your monthly minimum payment due or your total outstanding balance on the date of the event on your statement depending upon the covered event. Covered persons include the primary or co-applicant (the covered persons names must appear on the monthly billing statement on or before the event). Additional information concerning the terms of the State Farm Bank Credit Protection Program are included in the program Welcome Kit.

Summary of Covered Events

Unemployment/Job Loss:The program will cancel the minimum payment due each month for up to 12 consecutive months for each eligible occurrence. The minimum payment due excludes any past due amounts or amounts over the credit limit.

Disability: The program will cancel the minimum payment due each month for up to 24 consecutive months for each eligible occurrence.

Accidental Death/Dismemberment: The program will cancel the total outstanding balance on your account up to $10,000 as of the date of the eligible event.

Loss of Primary Residence: The program will cancel the minimum payment due each month for up to 6 consecutive months for each eligible occurrence.

Called to Active Military Duty: The program will cancel the minimum payment due each month for up to 12 consecutive months for each eligible occurrence.

Family Leave: The program will cancel the minimum payment due each month for up to 3 consecutive months for each eligible occurrence.

Overnight Hospitalization: The program will cancel one minimum payment due for each eligible occurrence.

Disaster Relief: The program will cancel the minimum payment due each month for up to 3 consecutive months for each eligible occurrence.

Limited Use of Card: In the event that you activate the State Farm Bank Credit Protection Program benefits, the credit limit on the account will be reduced to allow for a maximum available credit of $1,000.00. If the available credit at the time of activation is less than $1,000.00, that amount will be the amount of allowed credit.

Eligibility Requirements, Conditions and Exclusions of Covered Events

If the primary or co-applicant (names of the covered person(s) must appear on the billing statement) experiences any of these covered events, the account will be eligible for protection. You must be enrolled in the State Farm Bank Credit Protection program prior to the date of the occurrence of an eligible event. There are additional eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under the State Farm Bank Credit Protection Program. The following is a summary of the eligibility requirements, conditions, and exclusions.

Unemployment/Job Loss: The covered person must be employed at least 30 hours per week for at least 90 consecutive days prior to the date of loss and qualify for your state's unemployment benefits. The type of work must be of a permanent nature. You must register for work and remain registered with a recognized employment agency to remain eligible for coverage. Persons self-employed, employed by family members, working in a temporary or seasonal type of job, retiring, accepting early retirement benefits, voluntarily resigning, and termination as a result of the end of an employment contract or terminated due to an illegal act are not eligible for this coverage.

Disability: The covered person must be accidentally injured or sick and unable to perform your normal work duties for at least 30 consecutive days and under a physician's care for those 30 days and continue under a physician's care for the length of the coverage. Failure to remain under a physician's care can result in termination of benefit coverage. A loss as the result of an intentionally inflicted injury is not eligible for this coverage.

Accidental Death/Dismemberment: The covered person must die due to accident or suffer a qualified accidental dismemberment loss. The date of death or dismemberment must occur within 90 days of the date of the accident. For accidental death, the outstanding balance as of the date of the accident will be credited up to $10,000. For accidental dismemberment, the balance will be canceled in accordance with the qualifying losses below:

A loss as the result of an intentionally inflicted injury is not eligible for this coverage.

Loss of Primary Residence: The covered person's primary residence is completely destroyed or the residence is deemed uninhabitable by a qualified building inspector or licensed structural engineer or you are required to evacuate your residence at the direction of local, state or federal officials for at least 72 consecutive hours.

Called to Active Military Duty: The covered person must be in a division of one of the Military Reserves or Military Guard and called to active duty for at least 15 consecutive days and not receive full pay from their non-military employer. Persons in the military in a position that is considered their full time employment are not eligible for this coverage. Persons that voluntarily change status from a Reservist or Guard to an active military position are also excluded from this coverage.

Family Leave: The covered person qualifies and receives approval from their employer for leave without pay under the Family and Medical Leave Act. The covered person must be employed full time at the date of leave.

Overnight Hospitalization: The covered person is directed by a physician to be admitted to a licensed hospital for at least one night and you stay in the hospital as direct by a physician.

Disaster Relief: The covered person must be directly impacted by an event that is declared a federal disaster and suffer a loss of $500 or more or be placed out of work without pay for 1 or more days.

Keep using the card: In the event that you activate coverage, the credit limit on the account will be reduced to allow for a maximum available credit of $1,000.00. If the available credit at the time of activation is less than $1,000.00, that amount will be the amount of allowed credit.

The covered person agrees to provide documented proof of the covered event and continue to cooperate in a good faith effort to allow us to determine eligibility. Failure to do so may result in denial of benefits and termination of coverage.

What is the cost of the coverage?

The cost of the State Farm Bank Credit Protection Program is $0.74 per $100.00 of each ending monthly statement balance. The monthly fee is calculated by multiplying $0.74 by the ending monthly statement balance divided by 100. Once you have had an opportunity to review the full coverage details, you may cancel within the 30 days of enrollment and receive a full refund of any billed fees. There is no fee if the ending monthly statement balance on the account is $0.00 or less. In order to avoid the monthly Credit Protection fee, you must cancel your coverage on or before the payment due date on your current statement.

How to cancel coverage?

You may cancel your coverage 24 hours a day by calling 1-877-SF4-VISA (1-877-734-8472) or by writing to
State Farm Bank
P.O. Box 2327
Bloomington, IL 61702-2327.

We will cancel your coverage if you fail to make three or more consecutive required minimum monthly payments. We may also cancel your coverage at anytime with at least 30 days advanced written notice.

Additional Questions?

To hear a more detailed description of a covered event or if you have any questions, please call 1-877-SF4-VISA (1-877-734-8472).