Making insurance mutually beneficial

Payment Protection Insurance is an individual policy which is available to Credit Union members to help them meet their loan repayments throughout certain circumstances, for example, if they become ill, unemployed or have an accident.

What are the benefits?

• Once you are out of work due to accident or sickness for at least 30 days, any benefit payment will be backdated to the first day that you are unable to work.  Maximum claim duration is 24 months.
• Once you are out of work due to Involuntary Unemployment for at least 30 days any benefit payment will be backdated to the first day of your involuntary unemployment.  Maximum claim duration is 12 months. 

For more information speak to your Credit Union.

The insured repayment amount of cover is equal to your monthly repayment to your credit union. You pay the monthly premium with your loan repayment. Premium is calculated on the regular loan repayment. The benefit payable is loan repayment including interest, plus insurance premium.

Who is Eligible?
Members:
o of participating Credit Unions
o who are working more than 16 hours per week and have done so for the last 6 months
o aged between 18 and 65
o who are a resident in the Ireland
o who would like to protect themselves from being unable to repay loans if they become ill, involuntarily unemployed or have an accident
o who is named in the credit agreement

Exclusions and Eligibility
We will not cover accident and sickness claims which result from:
o A medical condition, and or associated symptoms, whether diagnosed or not
o Which you know about when cover starts or you have seen a doctor about in the 12 months before taking out this policy and
o Which persists or returns during the first 12 months of your policy

We will not cover unemployment claims:
o If you know about the unemployment at the start of the policy
o You are notified of, or which happens, within the first 60 days of the policy
o If you have resigned, retired, taken voluntary redundancy or been dismissed for misconduct
o After the end of a fixed term contract unless you have either been employed by the same firm for at least 2 years or are on a contract of at least 12 months which has been renewed at least once with the same employer.