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 5 weeks after joining, and repay at tailor-made schedules. All our loans are fully insured (for free), against disability or death.

Quality Service, No Fees

You can be assured of a professional service from Credit Union at all times. And you do not pay a transaction fee for saving with us, or borrowing money.

Pay by Direct Debit

Arrange a Direct Debit payment from your bank and be sure of regular payments to your Credit Union account. We will send you a statement showing all transactions.