Should a member with an outstanding loan balance pass away, the loan is protected by an insurance policy taken out and paid for by Heritage Credit Union. This means that you can borrow from your Credit Union in confidence that your dependents should not have to repay the outstanding loan balance. Some terms and conditions do apply.

Members of Heritage Credit Union are eligible for Loan Protection Insurance, provided the borrower:

1. Has not reached their 85th birthday.
2. Is able to perform the normal duties of their occupation / are in good health.

Note: Some members may be asked to complete a health declaration form.

At Heritage Credit Union, loan protection insurance also covers an eligible member who becomes medically disabled * before their 60th birthday. If a borrowing member becomes medically disabled, this insurance will repay the loan, subject to the terms and conditions which apply.

* Medically disabled is a medical condition as a result of an accident or illness which renders a person totally and permanently disabled to carry out an occupation. Maximum disability cover is €40,000.

The amount paid out in the event of a member’s death will depend on their age and how much they have saved with us over the years. There is no additional direct cost to you, the member.

The amount of insurance benefit which an eligible member, is entitled to is in direct proportion to their level of savings, the age of the member, and their savings pattern.

Subject to a maximum set by Heritage Credit Union at €3,000, every €1 you save before the age of 55 provides €1 of benefit. So, if you are 54 years of age with €3,000 saved in your credit union account, an insurance benefit of €3,000 in addition to your savings will be paid out on your death.

No insurance is payable on amounts saved after your 70th birthday. Once earned, your insurance remains in force as long as you leave the savings in the credit union. Note: Withdrawals may affect the amount payable.