Loan Protection Insurance is designed to clear your loan in the event of death (terms and conditions apply).
You can borrow in confidence knowing that your family will not have to repay any outstanding loan balance (up to certain limits) in the event of your death or permanent disability.
For death All members’ loans (up to age 84) are automatically insured up to €8,000. Loan balances greater than these limits are subject to completing a Member Declaration on the back of the loan application form and/or a Declaration of Health Form. The underwriters have the right to decline or restrict cover for members with serious medical conditions.
ECCU are the underwriters of Loan Protection Insurance. Where the cover is not automatically granted, ECCU reserves the right to request further medical information or request the member to attend for a medical examination. It is important that members accurately complete any requested forms or declarations as any inaccuracies or misstatement of facts will result in a claim being declined.
In the event of Death
To make a claim please provide Gurranabraher Credit union with a copy of the Death Certificate. If a Nomination is in place, monies will be paid out as requested in the Nomination. If a Nomination is not available please provide details of the Solicitor handling the member’s estate and a copy of the Will (if applicable). Please note just one copy of the Death Certificate is required to claim for all 3 insurance services; Life Savings Insurance, Loan Protection Insurance and Death Benefit Insurance.
In the event of Disability
Claims Forms are available in Gurranabraher Credit Union. Once filled in please return to Gurranabraher Credit Union and we will submit your claim on your behalf. It is important that you keep in contact with your Medical Practitioner to ensure that your claim form is filled in full and in a timely manner.
For further information please contact Gurranabraher Credit Union on 021 4303394
Members over 16 years are encouraged to nominate a person(s) to receive their credit union property in the event of their death. The maximum amount you can nominate is €23,000. This means that on your death, your savings will not form part of your estate and can be distributed without delay to the person(s) you have named on your Nomination Form.
As a Nomination overrides a Will, we encourage members to complete a Nomination and keep it up to date.
You can update your Nomination any time at Gurranabraher Credit Union.
- Members under 16 years are not eligible to complete a Nomination Form.
- A member cannot nominate an Officer of Gurranabraher Credit Union unless that person is a member of the Officer’s family.
- The Nomination is valid up to a limit of €23,000. Any amount above €23,000 becomes part of the member’s estate.
- The member can at any time change their Nomination by completing a new Nomination Form. Any previous Nomination will automatically be cancelled.
- A Nomination overrides a Will so it’s important to have one and keep it up to date.
- The marriage of a member of Gurranabraher Credit Union cancels any Nomination made by him/her before his/her marriage. This applies even if the same person is to be nominated.
- A Nomination shall be cancelled by the death of the Nominee before the death of the Nominator.
- The form of Nomination must be made at the registered office of Gurranabraher Credit Union during the Nominator’s lifetime.
Once Gurranabraher Credit Union receives satisfactory proof of death of the member, the account and monies will be processed.
To fill in a Nomination Form call in to our offices in Gurranabraher, or Knocknaheeny with Photographic ID.