Payment Protection Insurance

'Covers your loan repayments when you cannot'

Product Overview

• Individual policy available to borrowers of participating Credit Unions and other affinity partners to allow them meet their loan repayments if their circumstances change.

• Pays a benefit in the event that the policyholder is out of work due to an accident sickness or involuntary unemployment.

• The member pays the regular premium with their loan repayment

Key Features

• Members purchase policy in their own name.

• Covers for loans up to £25,000 with a term of between 12 and 120 months

• Choice of Accident, Sickness and Involuntary unemployment cover or Accident and Sickness only cover.

• 30-day waiting period with benefit backdated to first day of disability / unemployment

• Benefit paid for up to 24 months for Accident & sickness and 12 months for unemployment.

• All cover ceases at age 65

• 12 month pre-existing condition exclusion, however no additional restrictions on Back or stress related conditions.

Who should consider this product?

Members of participating Credit Unions / Affinities who are taking out a loan and who:

• Want to protect themselves against being unable to repay their loan in the event of being out of work due to an accident, illness or involuntary unemployment.

• Are working 18 hours per week

• Are aged over 18 and less than 70

• Are resident in Ireland.