Loan Protection

    No Extra Charge to Ballinamore Credit Union members

Loan Protection Insurance is the insurance cover the Credit Union has on the lives of its borrowing members.

If a member who is eligible for insurance cover, has signed the Credit Agreement and relevant Health Declarations (if applicable) 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 basic policy, death cover ceases on the members 70th birthday but Ballinamore Credit Union insures members loans up to their 85th birthday.