Credit Union Insurance
Drumshanbo Credit Union Limited also offers all eligible members insurance services. These insurance services are paid for directly by the credit union. The insurance cover currently provided for by Drumshanbo Credit Union Limited in respect of eligible members are:
Loan Protection Insurance
One of the attractions of a loan with the Drumshanbo Credit Union is free Loan Protection Insurance. It repays the balance of the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties and who have not reached their 80th birthday at the time the loan is granted.
What is Loan Protection Insurance?
In Drumshanbo Credit Union, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. This means the loan debt will be wiped clean in the event of the member’s death. Members can take out a credit union loan in the full confidence that their dependants will not have to pay the loan off on death. Banks and other financial institutions charge a separate insurance premium on top of loan repayments for this service.
Loan Protection Insurance is payable subject to policy terms and conditions.
The outstanding loan of a member who suffers total and permanent disability for any occupation before his/her 55th birthday is also repaid.
- The insurance benefit payable is the amount of the member’s outstanding loan balance
- Cover ceases on the member’s 85th birthday
Life Savings Protection
Life Savings Insurance is the life insurance cover provided to Drumshanbo Credit Union members as member benefit i.e. at no direct cost to you and as an incentive to save regularly. Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions.
The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has made during the term of membership, and depends on the member’s age at date of lodgement.