Making insurance mutually beneficial

If you are taking out a loan or have an existing loan then you should consider protecting the repayments you make with Payment Protection Insurance.

Taking out a loan can involve a long-term financial commitment. If you become involuntarily unemployed or you cannot work due to an accident or illness how would you manage to keep up your repayments?

Without the protection of insurance cover you could face difficult circumstances if you were unable to work such as:
• Relying on credit cards, family or friends to help you meet your loan repayments.
• Using up your savings.
• Your credit record could deteriorate if you don’t keep up your repayments.

For more information speak to your Credit Union.

Your Credit Union can arrange optional Payment Protection Insurance cover for you, you can contact your Credit Union for further details. This product is exclusively provided for you by CUNA Mutual Group.

This Payment Protection Insurance policy is designed to provide peace of mind at an affordable price. It covers your loan repayments in the event that you are unable to work for more than 30 days as a result of an accident, sickness or unemployment. Your loan repayments will be paid to your Credit Union from the first day that you are out of work.

The maximum number of months for which a claim will be paid is 24 months for an accident or sickness claim or 12 months for an involuntary unemployment claim.