Loan Protection Insurance

Protect your loan against unforeseen events.

Having your loan repaid in the event of your death means your family won't have to worry about the repayments themselves. They'll have enough to deal with as it is.

We can also help cover your loan repayments if you are unfit to work or if you've been made bankrupt.

Claims are processed quickly and insurance premiums can be added to your loan finance or can be paid separately at the start of your loan.

Cover can be applied for at the time of signing up for your personal loan, so talk to your lending consultant about which covers may be right for you. Cover is optional. If you have any questions, please contact us.

Transfer of First Insurance Limited (FIL) Loan Protection Insurance Policies to Provident Insurance Corporation Limited (Provident)

We are excited to announce that FIL has entered into an agreement with Provident to transfer its Loan Protection Insurance Policies. 

FIL believes that entering into a long-term agreement with Provident to provide loan protection covers will benefit our members. The insurance industry has become very complex and requires a larger entity with the scope to be competitive. FIL believes it is in the best interests of policy holders to transfer now while we are in good shape. 

For FAQs relating to this transfer click here.

In anticipation of the proposed transfer to Provident, First Credit Union has ceased offering Loan Protection Insurance (LPI) via First Insurance Limited. 

First Credit Union now offers CreditCare Insurance on personal loans via Provident. Click here to learn more about CreditCare Insurance.

  • FINANCIAL STRENGTH RATING

    FIRST CREDIT UNION LOAN PROTECTION INSURANCE is underwritten by First Insurance Limited. First Insurance Limited has a BB Stable insurer financial strength rating issued by Fitch Ratings in February 2024.

    Fitch Ratings Insurer Financial Strength Ratings Scale: AAA:  Exceptionally Strong |  AA:  Very  strong  |  A:  Strong    |  BBB: Good| BB: Moderately weak B: Weak |  CCC:  Very weak  |  CC:  Extremely weak  |   C: Distressed.

    SOLVENCY

    As at 30 June 2023, the Minimum Solvency Capital required to be held by First Insurance Limited under the Reserve Bank of New Zealand’s Solvency Standard was $5,000,000. The Actual Solvency Capital held by First Insurance Limited was $6,158,814, representing a Solvency Margin of $1,158,814 and a Solvency Ratio of 123%.

    Actual Solvency Capital

    $6,158,814

    Minimum Solvency Requirement

    $5,000,000

    Solvency Margin

    $1,158,814

    Solvency Ratio

    123%

     AUDITED FINANCIAL STATEMENTS

    To view a copy of the 2023 First Insurance Limited Audited Financial Accounts click here.