Insurances

Crossmaglen Credit Union

See our different insurances below:

Crossmaglen Credit Union

Loan Protection Insurance

One of the attractions of a loan with Crossmaglen Credit Union is that Loan Protection Insurance is provided to all eligible members at no direct cost to them. It repays the balance of the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties at the time the loan is granted.

The outstanding loan balances of eligible members are automatically insured at no direct cost to the member. This means the loan debt will be wiped clean in the event of the member’s death. Members can take out a credit union loan in the full confidence that their dependants will not have to pay the loan off on death. Banks and other financial institutions may charge a separate insurance premium on top of loan repayments for this service.

Loan Protection Insurance is payable subject to policy terms and conditions.

Crossmaglen Credit Union

Life Savings Protection

Life Savings Insurance is the life insurance cover provided to our members as a member benefit i.e. it is provided at no direct cost to you and as an incentive to save regularly. Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions. Essentially, as well as receiving the savings built up, an additional lump sum may also be paid.

The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has made during the term of membership, and depends on the member’s age at date of lodgement.

Life Savings Protection

Life Savings Insurance is the life insurance cover provided to our members as a member benefit i.e. it is provided at no direct cost to you and as an incentive to save regularly. Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions. Essentially, as well as receiving the savings built up, an additional lump sum may also be paid.

The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has made during the term of membership, and depends on the member’s age at date of lodgement.

Crossmaglen Credit Union
Crossmaglen Credit Union

Death Benefit Insurance

All eligible members of the Credit Union, subject to policy terms and conditions, qualify under our Death Benefit Insurance Policy. This means in the event of your death, a lump sum of £1,500 will be paid to your family to help with the cost of funeral expenses, thereby easing the financial burden of bereavement. This is provided at no direct cost to the member.