Put away the brolly; You’re covered already.
Here’s another benefit of being a member of our Credit Union; Loan Protection Insurance.
If you have a loan with us, you are covered by loan protection insurance at no extra cost. Naturally there are terms and conditions as with any insurance but the small print is fairly straightforward.
In the terrible event that you become ill and can no longer carry out work or worse that you pass away, there is a meaningful consolation in that, you or your family do not need to worry about loan repayments.
This cover comes at no extra cost to all borrowing members between their 16th and their 85th birthday. The insurance benefit usually payable is the amount of your outstanding loan balance. This means that if you die, your loan will be paid off in full and none of your savings or the value of your estate will be affected. In the case of joint accounts, it is the first named on the account only who is covered by this insurance.
This Loan Protection Insurance also covers total and permanent disability from any occupation, this means that if you become totally or permanently disabled from being able to carry out any occupation, then the benefit may be paid. As with any insurance, a total and permanent disability must be medically determined. It must also have happened before your 60th birthday and must not have been a pre-existing illness before you took out the loan, otherwise you would not be covered.
There are plenty of members who had a loan and have benefited from this illness insurance cover and would never have thought they would need it. In some instances other financial institutions did not pay out to them for borrowings but their Credit Union loan with us was cleared.
Life is like that, it can rain down like a ton of bricks from nowhere but it is really good to know; you have extra protection, that you did not need to pay extra for, from your Credit Union.
If you knew about this already: that is great but tell your friends and family. This is another great reason to be a member.
If you need to borrow; borrow from a Credit Union; it makes the most sense.