Free (and worry-free) for eligible Credit Union Members
Loan Protection insurance is the insurance cover a Credit Union provides on the loans of its borrowing Members. It is provided at no cost to the borrower.
Many people nowadays choose to take out insurance to cover outstanding loans in case of death or permanent disability. In your Credit Union the savings and loan balances of all eligible members are automatically covered, (up to certain limits), at no direct cost to the Member. This means that you can borrow in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death or permanent disability.
Minimal eligibility conditions apply…
- The borrower is actively at work or able to carry out normal occupational duties.
- If not working, the borrower is is good health.
- The borrower has not reached their 85th birthday (Death Cover).
- Disability Cover ceases on the eligible member’s 65th birthday.