Life is full of surprises

Loan Protection Insurance provides peace of mind and protection from events that make loan repayments the last thing you want to think about at an already stressful time.
 
Loan Protection can insure you in case of Death, Trauma, Disability, Redundancy and Bankruptcy, at a low monthly cost, payable through your First Credit Union loan.

Types of cover:

Life

Pays off the outstanding loan balance at the date of death so your family is not left to deal with your debt as well as their grief.
Maximum payable is $50,000.

Disability

If you are off work due to illness or injury for at least 7 consecutive days, you can apply to have your loan repayments paid for until you are fit to return to work (cover ceases when you are fit to work more than 20 hours per week).
Maximum installment covered is $1000 per month.

Trauma

If you suffer from a heart attack, stroke, cancer, or coronary artery surgery, and you survive 14 days after the trauma; you receive $10,000 cash.

Redundancy

If you are made redundant from permanent employment, your loan installments are covered for 6 months to give you time to look for another job without having to worry about paying your loan.
Maximum installment covered is $1000 per month.

Bankruptcy

If you are declared bankrupt, a lump sum of cash equal to 6 months worth of your loan installments gets credited to your loan to help reduce your outstanding debt.
Maximum installment covered is $1000 per month.

Who can be covered?

Cover is available to people aged 16 – 69 (all cover ceases at age 70), and is subject to approval/eligibility.

How do I apply for cover?

Simply complete our loan insurance questionnaire (LIQ) and select the covers that interest you. You may be asked to complete a statement of insurability (SOI) and further medical information may be required in order to process your application.

How much will it cost?

Premiums are calculated on your outstanding loan balance so each person will pay a different premium depending on what their loan balance is and which covers they have selected.
 
Click here for information on making a claim.