Because your credit union was formed solely to help its members, it aims to offer fair and reasonable rates on savings and loans. But this isn’t the only advantage of saving and borrowing with your credit union.
Loan Protection Insurance is provided by your credit union for you, the member, at no extra cost. This means that in the event of death, the insurance cover provides that the loan is repaid in full. Each member of the Credit Union is eligible for loan protection insurance if they meet the following criteria:
- Have not reached your 85th birthday.
- Have signed a credit agreement when the loan is granted.
- Are actually at work (or physically capable of carrying out the normal work duties)
- If not working are in good health.
In the case of joint accounts both parties are insured.
Note: Members should not confuse Loan Protection Insurance (LPI) with Repayment Protection Insurance (RPI).