Loan Protection Insurance

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

Should an insured borrower die or become totally and permanently disabled, the insurance cover provides that the loan balance will be fully cleared.

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 eligible member’s 70th Birthday. Drogheda Credit Union has extended this age limit to the member’s 80th birthday under the ’Over 70 Rider’ cover.

Disability cover however, ceases on the eligible members 60th birthday.