Loan Protection Insurance
Give yourself peace of mind
One of the huge benefits of a loan with Coalisland Credit Union is the 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?
The outstanding loan balances of eligible members are automatically insured 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. Banks and other financial institutions charge a separate insurance premium on top of loan repayments for this service.
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 85th birthday.
To read more about our other free insurances unique to credit union members:
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