Insurance

One of the attractions of a loan with Newtownbutler Credit Union is the built in Loan Protection Insurance. It repays the balance 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 85th birthday at the time the loan is granted.

What is Loan Protection Insurance?

In Newtownbutler Credit Union, the outstanding loan balances of eligible members are insured at no direct cost to the member. Should a member with an outstanding loan balance die, the balance is repaid in full, subject to terms and conditions and certain cover limits which apply. You should enquire when making your loan application to see if you are eligible.

If you are an eligible member, this means that you can borrow from your credit union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death.

Life Savings Insurance is the life insurance cover provided to Newtownbutler Credit Union members as a 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.

In addition to Loan Protection/Life Savings Insurance we offer members an additional Death Benefit Insurance designed to relieve the burden of bereavement costs.

The cover offered by Newtownbutler Credit Union for elegible members is £1,000 at no direct cost to members.

Contact us today for more information.