Loan Protection Insurance

One of the attractions of a loan with the Crosshaven Carrigaline Credit Union is 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?

In Crosshaven Carrigaline Credit Union, should an insured borrower die, the insurance cover provides that the loan is repaid in full. If a member who is eligible for insurance cover and has signed the promissory note dies with a loan outstanding, the loan balance is paid in full by the insurer.

You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit unions policy. Under the basic policy death cover ceases on the members 70th birthday. The credit union has the option of extending this age limit to the members 80th birthday by affecting cover under the Over 70 Rider.

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 70th birthday

We offer many services aimed at improving access to financial services and encouraging financial inclusion.