Loan Protection Insurance is payable on the death of the eligible member, subject to policy terms and conditions. Castleblayney Credit Union provides automatic cover on the loan balances of all eligible members (up to certain limits)*. This service is provided at no extra cost to the member and is paid for by the credit union as an operating cost. This cover is very beneficial to the member’s family and provides peace of mind to the member as the outstanding debt is cleared.
How does it work?
- Loan Protection Insurance is a valuable service that Castleblayney Credit Union provides to qualifying borrowing members. Castleblayney Credit Union pays the premium on this insurance cover.
- Subject to certain terms and conditions, loan protection cover against death is provided members on credit union loan balances for the scheduled duration of the loan, at no extra cost.
- Subject to underwriting terms and conditions, as laid down by our insurance providers, the credit union insures loans that are scheduled to be completed before the member’s 85th birthday. Cover is provided to all parties on a joint account.
- When taking out a loan and to ensure adequate coverage, a member should take special care to:
- Discuss the Loan Protection Cover with the staff member; and
- Carefully read any declarations he or she is asked to sign, before signing them; and
- Answer any underwriting questions accurately.
WARNING: If you do not meet the repayments on your credit agreement your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
WARNING: Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it.