Loan Protection Insurance
Protecting what matters…
One of the attractions of a loan with Athea & District Credit Union is the built-in Loan Protection Insurance. It repays the balance the loan in the event of a member’s death. The cover is available for those in good health or carrying out normal occupational duties and who have not reached their 85th birthday at the time the loan is granted. For members over 80, A Declaration of Own Use must be filled by the member, more information if required available in the office.
What is Loan Protection Insurance?
In Athea & District Credit Union, the outstanding loan balances of eligible members are insured at no direct cost to the member. 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. You should enquire when making your loan application to see if you are eligible.
If you are an eligible member, this means that you can borrow from your credit union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death.
