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 premiums reduce each month as your loan balance reduces.

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 and subject to underwriting. If you have any questions, please contact us.

Cover Summary

● Death benefit: life insurance to the value of the loan outstanding

● Disability benefit: payment of loan instalments if unfit for work for 7 days or more

● Critical Illness benefit: lump sum payment of $10,000 for a trauma event

● Bankruptcy benefit: payment of 6 months loan instalments if made bankrupt

● Hospital Cash benefit: daily payment if hospitalised for 7 nights or more

Summary of cover


    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 2023.

    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.


    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


    Minimum Solvency Requirement


    Solvency Margin


    Solvency Ratio



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