Free Loan Protection Insurance

What is it?

Loan Protection Insurance is a life assurance benefit we provide to all our eligible members to protect their Rathkeale & District Credit Union loans. Should a Member with an outstanding loan balance pass away or become totally and permanently disabled, the balance is repaid in full, subject to certain cover limits which may apply. This means that you can borrow from Rathkeale & District Credit Union in confidence that your dependants will not be obliged to repay the outstanding loan balance.

Who is eligible?

Any credit union member is eligible for Loan Protection Insurance provided:

  • You have not reached the age of 85 at the time of your death
  • You are actively at work or able to carry out normal occupation duties at the time of your loan application

Who is covered on a Joint Account?

Only the first named party is covered by Loan Protection Insurance.

Email us or call 069 64444 for further information.

Repayment Protection Insurance

Repayment Protection Insurance is an optional policy, which meets your loan repayments for a specified period of time if you are out of work as a consequence of accident, sickness, redundancy or critical illness. As a response to these unexpected events that can affect anyone, your credit union has designed a valuable product to help you and your family. With this Insurance Policy your major worries when borrowing are removed, you won’t need to dip into savings to keep up your repayments and the policy includes The Breadwinner Clause.

Your loan repayments are made for the following periods:

  • Accident (up to 24 months)
  • Sickness (up to 24 months)
  • Involuntary Unemployment (up to 12 months)
  • Critical Illness (lump sum payment)

You can avail of this protection if:

  • You are aged 18 or over and aged 70 or less (your policy will end on your 70th birthday)
  • You or your spouse are employed (working 18 hours or more a week) prior to the start date of cover*
  • You enter into a new Loan Agreement or you top-up an existing loan
  • You work in Ireland or the UK
  • You are not aware of any impending Incapacity, Involuntary Unemployment or Critical Illness at the start of the policy

(*if you are a contract worker please contact your credit union for more details to ensure you are eligible for cover)

What is the breadwinner clause?

The cover also includes a unique feature which allows unsalaried members attach the insurance to their earning partner. If you are unable to work due to any of the insured events, the insurance cover will meet your loan repayments not withstanding that you have no earned income. The cost of the insurance will depend on the size and term of your loan. Please ask any of our loan officers for full benefits and eligibility criteria. Email us or phone: 069 64444 for more information.