Loan Protection Insurance
Loan protection cover is provided by St. Raphael’s Garda Credit Union free to members and will discharge an eligible member’s loan liability existing at the time of their death provided that the member meets certain terms and conditions at the time of loan issue. To qualify for loan protection insurance, members must be in good health and fit to carry out the normal duties of their occupation at the date the loan was approved. Retired members are covered provided they are in good health when the loan was approved. In all circumstances cover ceases on the member’s 80th birthday, even if there is an outstanding loan balance at that time.
Certain limits apply and a Declaration of Health Form may be required to obtain loan protection cover.
Free Life Savings Insurance
This is insurance cover provided free by St. Raphael’s Garda Credit Union for our members as an additional incentive to build up their shares and as a death benefit for their families.
The insurance benefit payable will be in proportion to the amount of savings that a member has made during the term of membership (up to a maximum of €12,700). The benefit is also dependent on the member’s age at the date lodgements are made to the account.
Withdrawals of savings can affect Life Savings cover.
