Loan Protection Insurance
Loan Protection Insurance is provided by your credit union for you, the member, at no extra cost. This means that your dependants will be protected against this debt in extreme circumstances. All loan balances are insured provided certain criteria are met.
This means that in the event of death, terminal illness or a member becoming permanently disabled then the insurance cover provides that the loan (up to certain limits) is repaid in full. Each member of the Credit Union is eligible for loan protection insurance provided that you:
- Have not reached your 80th birthday.
- Have signed a promissory note when the loan is granted.
- Are actually at work (or physically capable of carrying out the normal duties of their occupation).
- If not working are in good health.
Even members who donít meet all of the above criteria may be eligible for loan protection insurance provided satisfactory evidence, e.g. A Certificate from a certified doctor, is submitted to the insurer. In the case of joint accounts both parties are insured.