Loan Protection
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
Loan Protection
If you should take out a loan and die before it is repaid, this cover can help to ensure your debt is settled and is not passed on to your loved ones when you are no longer here. Loan Protection will make a payment to cover any outstanding amount of loan direct to your Credit Union.
Loan Protection insurance will leave you with peace of mind and protection.
What is it?
o This coverage provides protection to Credit Union members against the burden of unpaid loans upon the untimely death of the borrowing member.
o We will pay the insurable loan balances of the deceased member to the Credit Union on behalf of the member.
o Premiums are paid by the Credit Union.
o Coverage is extended to all insurable borrowers with no direct cost to the member.
Who is Eligible?
o Age Range 18-70.
o Working members.
o Non-working members (retired, house persons, students & unemployed).
o All members are required to be in good health at the time the loan is granted.
For more information speak to your Credit Union
