Loan Protection Insurance

Lucan District Credit Union provides a unique Loan Protection insurance policy on all our personal and business loans for our members, at no cost to you (subject T&Cs below). This will give you complete peace of mind that your loan will be cleared in full by the insurance, in the event of your passing, and will not become a burden on your next of kin. It will not need to be repaid by your estate, and we won't use your savings in the credit union to clear it (subject to T&Cs below). Your savings are covered by our separate Life Savings Insurance policy. Click here for more information on our Life Savings Insurance.

Unlike the banks, our members can continue to borrow after retirement, up to the age of 90 (see T&Cs below), once you can demonstrate that you can afford to repay the loan.

You will not get this cover free from the banks or motor dealers. It is another benefit of being a member of the credit union.

What is covered? - Terms & Conditions (T&Cs)

• Personal and business loans on individual and joint accounts are covered up to €100,000 up to your 70th birthday.
• Personal loans for members aged over 70 years and up to your 90th birthday are covered, to a maximum of €30,000. The loan would need to be scheduled for full repayment before your 90th birthday. e.g. borrowing at age 87 the loan term could only be for a maximum of 3 years (36 months).
• For members who have a pre-existing health condition at the time of taking the loan, the loan will not be covered for the first 6 months (for monthly repayments, this means that you should have made six payments on the loan). After six months, the loan is covered in full.
• Where the loan is not covered in the event of your passing, it will need to be settled by your savings or by your estate.

If you have any questions about this cover, please ask at the counter, or call us on 0818 297 007, or email help@lucancu.ie