LOAN PROTECTION INSURANCE
Loan Protection Insurance is the insurance cover the Credit Union provides at no extra cost on the lives of its borrowing members.
If a member who is eligible for insurance cover, and has signed the credit agreement, dies with a loan outstanding, the loan balance is paid in full by the insurer.
This means that member’s do not have to be worried about leaving debts to their loved ones in the event of untimely death .
Under the policy, cover ceases on the members 85th birthday.