Ballinderry Bridge Credit Union also offers all eligible members insurance services. All of this insurance cover is paid directly by the credit union and at no additional expense to the member. The insurance cover currently provided for by Ballinderry Bridge Credit Union in respect of eligible members are:
- Loan Protection
- Life Savings Insurance
The "member pay" services currently available are:
- Death Benefit Insurance
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One of the attractions of a loan with Ballinderry Bridge Credit Union is the built in Loan Protection Insurance. It repays the balance the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties and who have not reached their 85th birthday at the time the loan is granted.
What is Loan Protection Insurance?
In Ballinderry Bridge Credit Union, the outstanding loan balances of eligible members are insured at no direct cost to the member. Should a member with an outstanding loan balance die, the balance is repaid in full, subject to terms and conditions and certain cover limits which apply. You should enquire when making your loan application to see if you are eligible.
If you are an eligible member, this means that you can borrow from your credit union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death.
The outstanding loan of a member who suffers total and permanent disability for any occupation before his/her 60th birthday is also repaid.
- 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 60th birthday
Life Savings Insurance is the life insurance cover provided to Ballinderry Bridge Credit Union members as a 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.
Amounts saved after age 70 are not insured. However, cover built up before the 70th birthday remains in force as long as the savings are left in the credit union. Withdrawals will affect the amount of insurance payable in the event of a claim.
In addition to Loan Protection/Life Savings Insurance we offer members an additional Death Benefit Insurance designed to relieve the burden of bereavement costs.
Cover for a sum of £2,000 is currently £11.93 for 12 months cover.
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