Credit Life+
This is a group policy which allows Credit Unions and other lenders to offer their members the option of purchasing additional cover for larger loans.
The benefit payable is the amount by which the outstanding loan balance exceeds any automatic Loan Protection cover that is in place, under the Credit Union Group Policy, subject to a maximum level set by the Credit Union.
For more information speak to your Credit Union.
Credit Life+
What are the benefits?
o Credit unions can create their own benefit structure to meet their lending objectives including:
o eligibility criteria for members (option to extend cover to older ages)
o Maximum benefit amount and loan term
o Joint life cover is available which provides for the 2nd borrower
o Simple underwriting at point of sale based on 3 questions (declarations of health may be required under certain circumstances
o Monthly premiums are based on actual outstanding balance, therefore, members only pay for cover they need
Who is eligible? A member who:
o Has entered into a loan agreement with the policy holder (other than a class of loan excluded from the policy as shown in the group policy details)
o Is aged over 18 and under the maximum age limit (as shown on the group policy details as at the loan date)
o Is resident in Ireland
Who should consider this product?
Credit Unions or other Affinities who want to:
o Protect against default on larger loans in the event of the death of the borrower
o Streamline their credit approval process by providing their members with a simple easy to use option for fulfilling security requirements relating to life cover.
Members who want to:
o Ensure their borrowing is fully paid off in the event of their death to prevent it being a burden on their family or dependents.
o Meet any life cover requirements associated with their loan application with policy
