Repayment protection insurance is a policy which meets your loan repayments for a specified period of time if you are forced out of work by any of the following events:
- Involuntary Unemployment
- Critical Illness
Who is eligible?
You can avail of this protection if:
- You are aged 18 or over
- You are aged 70 or less(your policy will end on your 70th Birthday)
- You or your spouse are in full time employment (working 16 hours or more a week) prior to the start date of cover
- You have applied and been accepted for a loan with the credit union
- You are a permanent resident in Ireland or UK
- You are not aware of any impending Incapacity, Involuntary Unemployment or Critical Illness at the start of the policy
Can I insure my existing loan?
You can only take out Repayment Protection Insurance when you enter into a new Loan Agreement or if you top-up an existing loan.
What are the benefits of repayment protection insurance?
- Your major worries when borrowing are removed.
- Your loan repayments are made for you if you are off work due to accident, sickness, involuntary unemployment or critical illness (exclusions apply) for the following periods;
- Accident (up to 24 months)
- Sickness (up to 24 months)
- Involuntary Unemployment (up to 12 months)
- Critical Illness(lump sum payment- please ask our staff for more details)
- You don’t need to dip into your savings to keep up your repayments when you are unable to work due to any of the above conditions
- The cost is the same for all borrowers regardless of age or gender
- No medical is required when applying for this valuable protection.
Premiums vary depending on the loan annual percentage rate (APR) and the term of the loan. Please enquire within our staff who will be happy to help you.