Loan Protection Insurance is the insurance cover the Credit Union provides on the lives of its borrowing members.
Should an insured borrower die, the insurance cover provides that the loan is repaid in full (Terms & Conditions apply). If a member who is eligible for insurance cover and has signed the credit agreement 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 unions policy. Under the St. Francis Credit Union policy death cover ceases on the members 85th birthday.
For joint accounts both parties are covered.
Please note there is no direct cost to the member for this service.