Loan Protection Insurance
One of the attractions of a loan with the Mitchelstown Credit Union is free Loan Protection Insurance. It repays the balance of the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties at the time the loan is granted.
What is Loan Protection Insurance?
We offer free Loan Protection insurance to members. Loan Protection Insurance is the insurance cover, your Credit Union provides on the lives of eligible members with Credit Union loans. Provided you are in good health and engaged in your normal life occupation, your loan is covered by insurance. Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which may apply. You must be under the age of 80 years when applying for the loan to be eligible for Loan Protection Insurance.
Loan Protection Insurance is payable subject to policy terms and conditions.
- The insurance benefit payable is the amount of the member’s outstanding loan balance
- Cover ceases on the member’s 80th birthday