Just about everyone will need to take out a loan at some point in their lifetime. Taking out a loan can involve a long-term financial commitment. We have no way of knowing what unexpected challenges life may spring upon us. It could provide your loved ones with a valuable cash lump sum payable to your Credit Union to cover any outstanding loan amount, if the worst were to happen.
Loan Protection Insurance is provided by your Credit Union for you, the member, at no extra cost.
Should a member with an outstanding balance die, the balance is repaid in full, subject to certain Terms and Conditions which may apply. You should enquire when making a loan application to see if you are eligible.
This means that you can borrow from your Credit Union in full confidence that your dependants will not be obliged to repay the outstanding loan balance.
For more information speak to your Credit Union