The Rosses Credit Union Limited also offers all eligible members insurance services. The insurance cover currently provided for by The Rosses Credit Union Limited in respect of eligible members is:
- Loan Protection Insurance
- Life Savings Insurance
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One of the attractions of a loan with the The Rosses Credit Union Limited is free Loan Protection Insurance. It repays the balance of the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties at the time the loan is granted.
What is Loan Protection Insurance?
In The Rosses Credit Union Limited, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. This means the loan debt will be wiped clean in the event of the member’s death. Members can take out a credit union loan in the full confidence that their dependents will not have to pay the loan off on death and total and permanent disability for any occupation. It is available for those aged 16-85 years. Banks and other financial institutions charge a separate insurance premium on top of loan repayments for this service.
Loan Protection Insurance is payable subject to policy terms and conditions.
- The insurance benefit payable is the amount of the member’s outstanding loan balance
- Cover ceases on the member’s 85th birthday
- The cover extends to include total and permanent disability from any occupation. In the event of the member becoming totally and permanently disabled for any occupation then the benefit will be paid
- The total and permanent disability must be medically determined
- The total and permanent disability must commence before the 65th birthday
Life Savings Insurance is the life insurance cover provided to The Rosses Credit Union Limited members as member benefit i.e. at no direct cost to you and as an incentive to save regularly. Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions.
The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has made during the term of membership, and depends on the member’s age at date of lodgement. See below:
- Up to 55th Birthday - 100% insured on balance or lowest balance thereafter
- 55 – 60th Birthday - 75% insured on balance or lowest balance thereafter
- 60 – 65th Birthday - 50% insured on balance or lowest balance thereafter
- 65 – 70th Birthday - 25% insured on balance or lowest balance thereafter
Amounts saved after the 70th birthday are not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday as long as the savings are left in the credit union. Withdrawals may affect the amount of insurance payable in the event of a claim.
Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.
The account maybe reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 3 months old) e.g. utility bill/revenue documentation.