Because your Credit Union was formed solely to help it members, it aims to offer fair and reasonable rates on savings and loans. But this isn’t the only advantage to saving and borrowing with your Credit Union. Your Credit Union offers all eligible members Life Savings Insurance and Loan Protection Insurance at no direct cost.
The insurance is underwritten by the Credit Union movement’s insurance company, ECCU Assurance Company Limited and is paid for by Credit Unions. Members pay no individual charge.
WHAT IS LOAN PROTECTION INSURANCE?
Loan Protection Insurance is the cover your credit union takes out on the lives of eligible members with Credit Union Loans.
WHAT ARE THE BENEFITS?
Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which apply. You should enquire when making your loan application to see if you are eligible.
If you are an eligible member, this means that you can borrow from your 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. With most Credit Unions, the loan of a member who suffers total and permanent disability for any occupation before his/ her 60th birthday is also repaid.
AM I ELIGIBLE?
Any Credit Union member is eligible for Loan Protection insurance provided:
- The borrower has not reached their 70th Birthday (Letterkenny Credit Union have extended this cover to the members’ 85th birthday)
- The borrower is actively at work or able to carry out normal occupational duties.
For further details on any of the above information, talk to us today by calling 074 91 24166 and we will be happy to answer any of your queries.