Loan Protection Insurance

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Loan Protection Insurance

Everyone is advised to take out insurance to cover outstanding loans in case of death. In Credit Union Plus the loan balances of all eligible members are automatically covered (subject to certain limits) at no extra cost to the member. This means that you can borrow in the full confidence that your dependants will be protected against this debt in extreme circumstances. Loan Protection Insurance is provided on the lives of all borrowing members up to a limit of €100,000. An outstanding loan is automatically repaid by the insurance in the event of a member’s death.

However, please note that a Pre-existing Condition limitation applies to the insurance which means that cover is not provided if a member were to die from a pre-existing medical condition, within 6 months of taking out a loan. It is vitally important that members advise staff of any medical condition when applying for a loan. Members will be asked to sign a declaration confirming that they are/are not in good health and are/are not fit to follow their normal occupation.
Loan Protection Insurance applies up to a members 80th birthday. In the case of joint accounts, the first named member on the account is the member eligible for cover. Other terms and conditions may apply.

Credit Union Plus pays the premium from its earnings. In other words, members pay no individual charge.

For more information call 046 90 21395 or drop into the branch today!

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