Loan Protection Insurance is payable on the death of the eligible member.
Should a Member with an outstanding loan balance pass away, the balance is repaid in full, subject to certain cover limits which may apply. This means that you can borrow from The Lough in confidence that your dependants will not be obliged to repay the outstanding loan balance.
This insurance does not cover loan balances due by Members after their 80th birthday.
Life Savings Insurance
Life Savings Insurance is payable on the death of the eligible member and pays out a benefit in proportion to the amount of savings that the member has made during the term of membership.
Coverage is automatic, subject to eligibility criteria, meaning that the cost of the insurance is paid by The Lough Credit Union at no direct cost to the member.
Death Benefit Insurance
This insurance provides basic life cover to our members as an extra to the Life Savings Insurance policy we pay towards.
DBI is designed to relieve the burden of bereavement costs and will give you and your family added security and relief from financial worry especially at the time of bereavement.
As a member, you are eligible for this cover provided you have joined before 70 years of age, have been eligible for insurance cover under the life savings policy and have a minimum share balance of €500 at date of death.
The benefit is €3,250 payable on the death of the member and this amount must be paid towards funeral expenses.
The cost of the insurance is paid by The Lough Credit Union at no direct cost to the member.
Home, Car & Travel Insurance
CoverU is a new suite of insurance services brought to you by Credit Unions and AIG - it offers great value to members on home, car and travel insurances.
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