Loans

Insurance protection for your Loan

Free life insurance cover on all loans is available to our members until they reach 79 years of age. Death cover on loans ceases at this stage.

If a member dies the debt is cancelled and repaid to the credit union by the insurance cover except in the age provision circumstances highlighted above.

 

Pre-Existing Condition Limitation (PCL)

Savings and loan protection insurance contracts carry a 6 months pre-existing condition limitation (PCL) as standard.

Each new share (savings) deposit a member makes or each new loan agreement a member enters into are governed by the 6 month PCL.

Our insurance company will not pay benefit on a member's outstanding share balance or loan agreement if death results from a pre-existing illness or injury for which medical advice, consultation or treatment was received within 6 months prior to making the share deposit or taking out the loan agreement.

This PCL lasts for a period of 6 months from the start date of each share deposit or loan agreement. If a member dies 6 months or more after the date of the share deposit or commencement of the loan agreement, this rule will not be applied.

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