Life Loan Protection Insurance
Life Loan Protection Insurance is provided by Tipperary Credit Union for you, the member, at no extra cost.
This means that you can borrow from your credit union in full confidence that your dependants will not be obliged to repay the outstanding loan balance.
THIS VALUABLE INSURANCE IS PROVIDED FREE BY TIPPERARY CREDIT UNION.
What is Loan Protection Insurance?
In Tipperary 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 members death. Banks and other financial institutions charge a separate insurance premium on top of loan repayments for this service. You can take out a credit union loan in the full confidence that your dependants will not have to pay it off should you die or suffer total and permanent disability for any occupation.
Note: Terms and Conditions Apply.
Eligibility for Loan Protection Insurance
Under the basic policy, insurance cover ceases on the member’s 70th birthday. However, Tipperary Credit Union has the “Over 70 Rider” which extends the cover until the members 85th Birthday. Members over 16 years of age who were not eligible for insurance cover (because they were in ill health at the time a loan was granted to them) can be insured up to an amount of €8,000.
- For death All members’ loans (up to age 85) are automatically insured up to €8,000.
- For disability All members’ loans (up to age 60) are automatically insured up to €4,000.
- Loan balances greater than these limits are subject to completing a Member Declaration on the back of the loan application form and/or a Declaration of Health Form. The underwriters have the right to decline or restrict cover for members with serious medical conditions.
How to make a claim?
In the event of Death
To make a claim please provide Tipperary Credit union with a copy of the Death Certificate. If a Nomination is in place, monies will be paid out as requested in the Nomination.
If a Nomination is not available please provide details of the Solicitor handling the member’s estate and a copy of the Will (if applicable).
Please note just one copy of the Death Certificate is required to claim for all 3 insurance services; Life Savings Insurance, Loan Protection Insurance and Death Benefit Insurance.
In the event of Disability
Claims Forms are available in Tipperary Credit Union. Once filled in please return to Tipperary Credit Union and we will submit your claim on your behalf.
It is important that you keep in contact with your Medical Practitioner to ensure that your claim form is filled in full and in a timely manner.
For further information please contact Tipperary Credit Union on 062 80400