Loan Protection Scheme

Loan Protection Scheme

The Loan Protection Scheme is the insurance scheme maintained by North East Credit Union and applied to members borrowings. This service ensures that our eligible* members can borrow in full confidence knowing that their family members won’t be liable for loan repayments in the event of the death of the member.

Our loan protection scheme places the interests of our members first:

• If a member, who is eligible for insurance cover and who has signed a credit agreement, dies with a loan outstanding, the loan balance is paid in full by the insurer
• The North East Credit Union Loan Protection Scheme covers all eligible members loans up to their 80th birthday
• In the case of joint accounts, both members are eligible for cover.
• North East Credit Union pays the premium out of its earnings. In other words, members pay no individual charge

*Terms and conditions apply.