Loan Protection Insurance
Our Members Matter Most.
It’s free Life insurance cover that Ballinasloe Credit Union provides on the lives of members with borrowings. This means that the loan debt will be wiped clean in the event of the member’s death. Other financial institutions charge a separate insurance premium on top of loan repayment for this service. So you can borrow from Ballinasloe Credit Union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance. This cover extends to permanent disability.
Who is eligible?
Members are automatically eligible if they:
- Carry out the normal duties of their occupation
- They are in good health
- In some circumstances a declaration of health may be required
- Under the basic policy, Insurance cover ceases on the members 70th Birthday
- Only one member shall be insured in respect of any one loan. In the case of a joint account, cover applies only to the borrowing member whose signature appears first on the credit agreement.
- This insurance cover I provided at no direct cost to you the member