is an "umbrella" name for the products called debt cancellation and debt suspension
When you have debt protection on your loan, the financial institution agrees to cancel or suspend all, or part, of your obligation to repay an extension of credit (from that financial institution) upon the occurrence of a specified event. Events include: death, disability, involuntary unemployment, family leave and hospitalization.
Please review your financial institution's Debt Protection Program Agreement or Product Reference Card for specific information about the debt cancellation or suspension benefits available at your financial institution. Features and Benefits Frequently Asked Questions