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Loan Protection Insurance is the insurance cover the Credit Union provides on the lives of its borrowing members.
Should an insured borrower die, or (under most contracts) become totally and permanently disabled for any occupation, 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 union's policy. Under the basic policy death cover ceases on the member's 70th birthday. The credit union has the option of extending this age limit to the member's 80th birthday by affecting cover under the Over 70 Rider. Disability cover however ceases on the eligible member's 60th birthday.
RTÉ Credit Union Ltd. offer Loan Protection Insurance on loans up to the member's 85th birthday.
