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Loan Protection Insurance covers eligible loans at no direct cost to the member.
This means the loan debt will be wiped clean in the event of the member’s death. Members can take out a credit union loan in the full confidence that their dependents will not have to pay the loan off on death.
Certain terms and conditions do relate to this facility, which include:- The Loan Protection Insurance will only cover up to £15,000 of any loan. Members are advised to put in place their own insurance for any loan amount over £15,000.
- All loans must be paid in full before the members 85th Birthday, after that no insurance exists.
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