Loan Protection Insurance

Should an insured borrower die, the insurance cover provides that the loan is repaid in full. If a member who is eligible for insurance cover and has signed the promissory note dies with a loan outstanding, the loan balance is paid in full by the insurer.

There is no direct charge to members and it is unique to credit unions.

You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit unions policy. Under the basic policy death cover ceases on the members 85th birthday. The credit union has the option of extending this age limit to the members 80th birthday by affecting cover under the Over 70 Rider.

Loans to clubs and associations are not insurable.