Loan Protection Insurance is the Insurance cover your Credit Union provides on the lives of eligible members with Credit Union loans.
What are the benefits?
Should a member with an outstanding loan die, the balance will be repaid in full. This means that you can borrow from your Credit Union in the full confidence that your dependants will not be obliged to repay the outstanding loan balance.
Loans are covered by insurance up to age 85, but members are advised to taper off their borrowing to enable their loan to be cleared at or before 85 years of age. Loans above age 85 must be secured by the member’s shares/savings, so each member will act as guarantor for their own loan.