Benefits
Should a member with an outstanding loan balance die, the balance is repaid in full, subject to terms and conditions and certain cover limits which apply. You should enquire when making your loan application to see if you are eligible.
If you are an eligible member, this means that you can borrow from Athenry Credit Union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death*. You should check with your local branch for full details of cover under their loan protection policy.
Other financial institutions charge a separate insurance premium on top of loan repayment for this service. So you can borrow from Athenry Credit Union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance.
Who is Eligible?
When borrowing from your credit union, a member is eligible for cover if they:
- Have not reached their 85th birthday,
- The borrower can confirm they can actively and regularly perform all the usual duties of their occupation and further terms and conditions can apply,
- For larger loan amounts a medical questionnaire may be required,
- They are in good health,
- In some circumstances a declaration of health may be required,
- Under the basic policy, Insurance cover ceases on the members 85th Birthday and Under Disability Cover it ceases at the members 65th Birthday (Terms and conditions apply for more information please contact Athenry Credit Union),
- In the case of a joint account, Athenry Credit Union will cover both named on account.
This insurance cover is provided at no direct cost to you the member.
(Terms and conditions apply for more information please contact Athenry Credit Union.)
