Loan Protection Insurance
What is Loan Protection Insurance?
There are many good reasons for taking a loan out with Aviate Credit Union and one of them is the free loan protection cover that comes with loans.
Loan Protection Insurance is the insurance cover we provide on the lives of eligible members who have loans with us. There is no charge to members for this insurance cover.
Should a member with an outstanding loan balance pass away, their loan is protected by an insurance policy taken out and paid for by Aviate Credit Union. This means that you can borrow from your Credit Union in confidence that your dependents should not have to repay the outstanding loan balance. Terms and conditions do apply.
Members are eligible for Loan Protection Insurance, provided that as a borrower, they:
- Have not reached their 80th birthday.
- Are able to perform the normal duties of their occupation / are in good health.
- Where applicable, a health declaration form has been completed.
Features:
- Automatic cover up to €10,000.
- Amounts in excess of €10,000 are covered subject to terms and conditions. A member declaration is required which is explained at the time of loan application.
- The maximum coverage for members over the age of 70 is €40,000.
- Insurance cover ceases on the member’s 80th birthday.
