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Many people choose to take out insurance to cover outstanding loans in case of death or permanent disability. With Gorey 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 means that you can borrow in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death or permanent disability.
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.
This means that you can borrow from Gorey Credit Union in the full confidence that your dependants will not be obliged to repay the outstanding loan balance. With most credit unions, the loan of a member who suffers total and permanent disability for any occupation before the 60th birthday is also repaid.
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