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 (see below for further details). 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 – please ask your credit union for more details)
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 in full time employment (working 16 hours or more a week or the equivalent of 70 hours per month) 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.