What is Loan Protection Insurance?
Loan Protection Insurance is a FREE insurance provided at no direct cost to our members. It is the cover our Credit Union takes out on the lives of eligible members with Credit Union loans. Should a member with an outstanding loan balance pass away, the balance of the loan is repaid in full, subject to terms and conditions and certain cover limits that apply. You will be informed before the loan is drawn down if you are not eligible for full loan cover.
You can borrow from our Credit Union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death. Every Credit Union member is eligible for Loan Protection Insurance provided:
- the borrower has not reached their 80th birthday
- the borrower is actively at work or able to carry out their normal occupation or duties