Who is eligible for Loan Protection insurance?
- the borrower must be under the age of 80 when the last loan was issued
- the borrower was actively at work or able to carry out normal occupational duties at the time the last loan was issued
- if not working, the borrower was in *good health
- the principal balance must have reduced within 12 months for cover to apply
- claims must be processed within 2 years of the date of death.
*Please be aware that if in the 6 months prior to your last loan, you received medical treatment, advice, or consultation for an illness, it may affect the insurance benefits payable under the terms of the Credit Union Loan Protection Insurance.
In this instance your savings plus any savings insurance due, will be used to clear your outstanding loan balance.
Joint Loan Accounts
- If you have a joint loan account, only the first person named on the joint account is insured.
- East Coast Credit Union should be notified as soon as possible in relation to the death of a member.
