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Insurance Loan Protection Insurance

Loan Protection Insurance

What is it?

Loan Protection insurance cover is the insurance cover provided by Comhar Linn INTO Credit Union on the lives of eligible members with credit union loans.

Benefits

Should an eligible member with an outstanding balance die, the balance is repaid in full, subject to certain cover limits. This means that you can borrow from Comhar Linn INTO Credit Union in full confidence that your dependants will not be obliged to repay the outstanding loan.

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. (Comhar Linn has taken the option of extending this age limit to the members 80th birthday by affecting cover under the Over 70 Rider.)

Eligibility

For a member to qualify for loan protection cover when applying to take out a loan the member must fall into one of the following categories:

  • Working members (including unemployed members capable of working)
  • Homemakers (carrying on the normal activities of a homemaker)
  • Retired members (other than where retirement was due to ill health and member remains unfit for work)

If a member does not fit into one of the above categories then the loan protection cover will be limited to a maximum of €5,000.

For qualifying members, the maximum cover is €100,000 per member up to the age of 69 and €30,000 for members aged between 70 and 79. All cover (including the automatic cover) ceases at age 80.

No insurance is available on death due to suicide.

Loan protection insurance is subject to a pre-existing condition limitation, as set out below

Pre-existing Condition Limitation

If a member dies within 6 months of drawing down a loan, and had been diagnosed or was being treated for a medical condition within the 6 months prior to the loan draw down, no loan protection insurance will be paid. This only applies if the member actually dies of the condition diagnosed and only applies to the amount drawn down in the pre-existing condition period.

When acting as an insurance intermediary, Comhar Linn INTO Credit Union Limited, is regulated by the Central Bank of Ireland as a Multi-Agency Intermediary. Registered Number 393cu.

ABOUT US
Serving the financial needs of INTO and RTAI members and their families.
Contact Us
  • Comhar Linn INTO Credit Union Limited
  • Tel: 1850277377 / 8731101
  • Fax: 01 873 3253
  • Email:
  • Web: www.comharlinnintocu.com
  • Address: 33 Parnell Square, Dublin 1
Opening Hours
Mon: 10.00am - 5.00pm
Tue: 10.00am - 5.00pm
Wed: 10.00am - 5.00pm
Thu: 10.00am - 5.00pm
Fri: 10.00am - 5.00pm
Sat: Closed
Comhar Linn INTO Credit Union Limited is regulated by the Central Bank of Ireland. Reg no: 393CU