Loan Protection Insurance

Loan Protection Insurance is the insurance cover the Credit Union provides on the lives of its borrowing members.

Many people choose to take out insurance to cover outstanding loans in case of death. With Bray Credit Union the savings and loan balances of all eligible members are automatically covered, (up to certain limits), at no direct cost to the member. This is a free service offered by Bray Credit Union and is subject to change at any time. Members would be notified of any changes.

This means that you can borrow from Bray 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.

Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which may apply. You should enquire when making your loan application to see if you are eligible.

Any credit union member is eligible for Loan Protection insurance provided:

• the borrower has not reached their 80th birthday (or 70th birthday in the case of some credit unions)
• the borrower is actively at work or able to carry out normal occupational duties
• if not working, the borrower is in good health
• the principal balance must have reduced within 12 months for cover to apply
• claims must be processed within 2 years of the date of death.