Unique to Credit Unions
Your loan attracts FREE Loan Protection Insurance!
Unlike other financial institutions this insurance is FREE to you.
Last Year nearly €700,000 in Life Savings and Loan Protection claims was paid out to our members.
While our insurance services do not relieve the emotional stress at this difficult time, they do go some way to relieve the financial stress.
Loan Protection Insurance is designed to clear your loan in the event of death or you being totally and permanently incapacitated from any occupation (terms and conditions apply).
You can borrow in confidence knowing that your family will not have to repay any outstanding loan balance (up to certain limits) in the event of your death or permanent disability.
For death All members’ loans (up to age 80) are automatically insured up to €8,000. For disability All members’ loans (up to age 60) are automatically insured up to €4,000. Loan balances greater than these limits are subject to completing a Member Declaration on the back of the loan application form and/or a Declaration of Health Form. The underwriters have the right to decline or restrict cover for members with serious medical conditions.
- The maximum loan balance insured for disability cover is €40,000.
- Disability Cover will cease on the member’s 60th Birthday.
- Disability Cover is defined as a certified condition of health that renders the member totally and permanently disabled to carry out any occupation.
- A doctor must certify that this is the case.
- Disability Cover must be accompanied by a Private Medical Attendants Report (PMAR) Form.
- Any new loan application by previous claimants will only be covered with a Declaration of Health approval by the Irish League of Credit Unions Insurance Department.
ECCU are the underwriters of Loan Protection Insurance. Where the cover is not automatically granted, ECCU reserves the right to request further medical information or request the member to attend for a medical examination. It is important that members accurately complete any requested forms or declarations as any inaccuracies or misstatement of facts will result in a claim being declined.
In the event of Death
To make a claim please provide Tralee Credit union with a copy of the Death Certificate. If a Nomination is in place, monies will be paid out as requested in the Nomination.
If a Nomination is not available please provide details of the Solicitor handling the member’s estate and a copy of the Will (if applicable).
Please note just one copy of the Death Certificate is required to claim for all 3 insurance services; Life Savings Insurance, Loan Protection Insurance and Death Benefit Insurance.
In the event of Disability
Claims Forms are available in Tralee Credit Union. Once filled in please return to Tralee Credit Union and we will submit your claim on your behalf.
It is important that you keep in contact with your Medical Practitioner to ensure that your claim form is filled in full and in a timely manner.
For further information please contact Tralee Credit Union on 066 712 2373
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