Loan Insurance

Loan Protection Insurance is payable on the death of an eligible member, subject to certain
restrictions on balance limits, loan and interest balances being cleared, leaving no liability
attached to the estate of a deceased member.

This means that members do not have to be worried about leaving debts to their loved ones
in the event of untimely death, or serious accident.

Key Points To Be Aware Of:

• 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.
• The insurance benefit payable is the amount of the member’s outstanding loan balance
• St. Joseph’s Aviation Credit Union provides this insurance at no extra cost on the lives of its’ borrowing members.
• Cover ceases on the member’s 80th birthday.

Repayment Protection Insurance (RPI)
Repayment Protection Insurance is an optional extra that a member may take out should
they decide it suits their requirements. This insurance is designed to cover your loan
repayments for a specified period of time if you are out of work for any of the following
reasons: Accident, Sickness, Redundancy (in the case of PAYE workers), and critical illness in
the case of self-employed workers.

You are Eligible for this scheme if:

• You are between 18 – 65 years of age
• You (or your spouse) are in full time employment and work a minimum of 18 hours per week.

Benefits of R.P.I.:

• Repayment worries are removed. Your loan repayments are made for you if you are out of work for any of the above reasons
• Cost is the same for all borrowers
• No “medical” is required for this insurance

Bread Winner Clause
This unique feature allows unsalaried members attach the insurance cover 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.

Terms & Conditions apply.