Payment Protection Insurance
This insurance meets your loan repayments for a specified period of time if you are forced out of work for more than 30 days as a result of accident, sickness or redundancy. The claim benefit is paid directly to the credit union to cover the loan repayment and it helps to protect the member’s credit rating. (Terms and Conditions apply). By covering the loan with Payment Protection Insurance, you can be free from the worry of repaying it if you were to suffer an illness, accident or become unemployed.
Am I eligible?
You are eligible for cover as long as the member meets the following criteria at the commencement date:
- You applied and were accepted for this insurance.
- You are 18 or over, and under 70 years old, during the term of the loan.
- You are working and do not know of any Accident/ Sickness or Involuntary Unemployment that is likely to happen to you.
- You are employed for at least the previous 6 months at the date of signing your loan.
- You agree to pay the premium.
- You are a current member of Member First Credit Union
- You are a resident of Ireland or the U.K.
- You or your spouse is in full time employment (working 18 hours or more a week).
Please contact any member of staff at Member First Credit Union for further information, we will be happy to give you a quote on protection for your loan.