Loan Protection Insurance
Loan Insurance Benefits
Should a member with an outstanding loan balance die, the balance is repaid in full, subject to terms and conditions and certain cover limits which apply. You should enquire when making your loan application to see if you are eligible.
If you are an eligible member, this means that you can borrow from your credit union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death*. You can should check with our credit union for full details of cover under their loan protection policy.
Eligibility
When borrowing from People First credit union, a member is eligible for cover if:
- they have not reached their 85th birthday
- the borrower can confirm they can actively and regularly perform all the usual duties of their occupation and further terms and conditions can apply. For larger loan amounts a medical questionnaire may be required.
Membership has many benefits...
Flexible & Convenient Loans
Members can take out flexible loans immediately after joining, and repay at tailor-made schedules. Subject to criteria, all of our loans are fully insured (for free), against disability or death.
Modern Banking
Our members have the option of registering for online banking, allowing you to transfer funds, pay bills, apply for our services and much more.
Quality Service from local staff with No Fees
You can be assured of a professional service from Credit Union at all times. Our phone lines are open Monday to Saturday for your convenience. You do not pay a transaction fee for saving with us, or borrowing money.
Automated transactions
As well as transacting at the counter, members can pay in to their account by direct debit, standing order and credit transfer or by making a debit card payment through online banking.
If you are unsure about your documentation, or still have other questions, we will be happy to answer any questions you may have.
