Loan Protection insurance is the insurance cover Core Credit Union provides on the lives of its eligible borrowing members.
It is payable on the death of an eligible member, subject to policy terms and conditions.
Many people nowadays choose to take out insurance to cover outstanding loans in case of death or permanent disability. In Core Credit Union the loan balances of all eligible members are automatically covered, (up to certain limits), at no direct cost to the member. This means that member’s can borrow in the full confidence that their dependents will not be obliged to repay the outstanding loan balance in the event of their death or permanent disability.
Core Credit Union provides this cover at no extra cost on the lives of its borrowing members between their 16th and their 85th birthday. The insurance benefit payable is the amount of the member’s outstanding loan balance. Again in the case of joint accounts, the first named on the account only is covered by this insurance.
Loan Protection Insurance is also extended to include total and permanent disability* from any occupation. In the event of the member becoming totally or permanently disabled from being able to carry out any occupation, then the benefit described above may be paid.
However, this total and permanent disability must be medically determined, must commence before the member’s 60th birthday and must not be a pre existing illness. (terms & conditions apply)