Loan Protection Insurance
What is it?
Should a member with an outstanding loan balance die, the balance is repaid in full, subject to terms and conditions and certain cover limits which apply. This means the loan debt will be wiped clean in the event of the member’s death. You can take out a credit union loan in the full confidence that your family will not have to repay the loan in the event of your death.
The premium for the loan protection insurance is paid by St. Brigid’s Credit Union. There is no additional direct cost to you, the member.
Who is eligible?
All members’ loans (up to age 85) are automatically insured up to €8,000. Loan balances greater than these limits are subject to completing a Declaration of Health Form; members must be actively at work OR able to carry out normal occupational duties. The underwriters ECCU Assurance Company Ltd have the right to decline or restrict cover for members.