Insurance

Loan Protection Insurance is a valuable member benefit provided by Lisnaskea Credit Union — offering financial security and peace of mind when you borrow.

• Protects your loved ones: If an eligible member dies with an outstanding loan, the insurance is designed to repay the remaining balance in full (subject to terms, conditions, and cover limits).
• No extra cost: This cover is provided free of charge to eligible members.
• Confidence when borrowing: Your dependants will not be responsible for repaying your loan in the event of your death.

Eligibility

• Members must be:
• Actively at work or in good health when the loan is issued
• A Declaration of Health Form may be required in some cases

Important Information

• Cover is subject to policy terms, conditions, and limits, which will be explained during your loan application
• Cover ends at age 85
• All loans must be fully repaid before your 85th birthday

In Lisnaskea 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. 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
• 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.
  
  1. The total and permanent disability must be medically determined
  2. The total and permanent disability must commence before the 85th birthday

Life Savings Insurance

Lisnaskea Credit Union provides Life Savings Insurance as a valuable member benefit — at no direct cost to you — designed to encourage regular saving.

• Additional protection: On the death of an eligible member, a lump sum insurance payment is made, in addition to the member’s savings balance (subject to policy terms and conditions).
• Based on savings & age: The benefit amount depends on:
  • The level of savings held
  • The member’s age at the time of lodgement
• Important for claims:
  • Withdrawals may reduce the insurance benefit
  • From age 55, the benefit is based on the lowest share balance held until death

Eligibility

• Available to members who:
  • Join before age 70
  • Are actively at work or in good health at the time of lodgements
• A Declaration of Health Form may be required in certain circumstances

Cover Limits

• Maximum insured savings: £15,000
• Savings after age 70: Not eligible for insurance
• Existing cover: Savings insured before age 70 remain covered, provided they remain in the account
• Withdrawals: May impact the final insurance payout

At Lisnaskea Credit Union, we are part of a community that looks out for one another. During a bereavement, financial worries can add extra stress — DBI helps ease that burden.

Key Benefits

• £2,500 lump sum payment on death
• Double benefit for accidental death (terms apply)
• Helps cover funeral and related expenses
• Low annual cost – this year the annual premium is £23.97

Eligibility

You may be included if you:

• Joined before age 70
• Were in good health or actively working at the time of joining
• Remain a member and maintain required savings

How It Works

• Premium is automatically deducted from your dividend
• If your dividend is insufficient, you can pay at the counter
• Cover continues while you remain a member and premiums are paid
• You stay covered even if your health changes over time