Insurance
Should an insured borrower die, or (under most contracts) become totally and permanently disabled for any occupation, 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.
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 70th birthday. Your credit union has taken the option of extending this age limit to the members 80th birthday by affecting cover under the Over 70 Rider. Disability cover however ceases on the eligible members 60th birthday.
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To be eligible a participant in the scheme is required:
- to be a Credit Union Member
- to have joined the Credit Union before age 70 years, be or been eligible for cover under the Life Savings policy and have remained a member of the Credit Union
- Account must be active (not dormant)
- Minimum shareholding of €100 must be maintained.
