Loan Protection Insurance

Should an insured borrower die, or (under most contracts) become totally and permanently disabled for any occupation, the insurance cover provides that the loan is repaid in full. If a member who is eligible for insurance cover and has signed the promissory note dies with a loan outstanding, the loan balance is paid in full by the insurer.

You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit unions policy. Under the basic policy, death cover ceases on the members 70th birthday. Moyola & Toome Credit Union Limited has extend this age limit to the members 85th birthday by affecting cover under the 'Over 70 Rider'. Disability cover however ceases on the eligible members 60th birthday.

Please speak to one of our staff if you have any questions in relation to our Insurance policies.