Killarney Credit Union

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Insurance

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Killarney Credit Union

Insurance

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Repayment Protection Insurance

Repayment Protection Insurance
Repayment Protection Insurance is an optional insurance policy
that meets your loan repayments for a speciĀc period of time, if
you are forced out of work by any of the following events:
• Accident (cover up to 24 months)
• Sickness (cover up to 24 months)
• Unemployment (due to redundancy/business failure)
(up to 12 months)
• Critical illness (lump sum – certain illness may be excluded)
You can take out a Repayment Protection Insurance when you
enter into a loan agreement or top up an existing loan with
Killarney Credit Union.
To qualify for Death Bene!t Insurance, eligible members must
maintain a minimum of €250 in their share accounts.
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What are the benets of Repayment Protection Insurance?
The maximum monthly benet payable under the policy is your
loan repayment or €2,000 whichever is the lesser. The benet is
payable up to a maximum of 24 months for accident & sickness
benet or 12 months for involuntary unemployment. If you are
diagnosed with specied critical illness a payment may be
made under the policy.
The key benets of the policy is that you don’t need to dip into
your savings to keep up repayments when you are unable to
work due to any of the conditions listed. Other advantages are:
• The breadwinner clause is included.
• The same rate is applied to all borrowers.
• No medical examination is required when applying.
Who is eligible for cover?
• You are aged 18 years or over.
• You are aged 70 years or less (your policy will end on
your 70th Birthday).
• You or your spouse are in full time employment (working
16 hours or more a week) prior to the start date of cover.
• PAYE or Self Employed paying PRSI.
• You have applied and been accepted for a loan with
Killarney Credit Union.
• You are a permanent resident in Ireland.
• You are not aware of any impending incapacity or critical
illness at the start of the policy.
• You have not been notied of impending involuntary
unemployment.
How much does Repayment Protection Insurance cost?
The premium rate is 8.99% of the loan repayment. Therefore, if
your loan repayment is €100 per month, the premium will be
€8.99 per month that you pay. You will pay €100 loan
repayment to your credit union and €8.99 to the insurance
company. This payment has to be made by diret debit or
standing order to the insurance company. Repayment
Protection Insurance is provided by London General Insurance
Company which is regulated by the Central Bank of Ireland.
What is the breadwinner clause?
If you do not work, you can attach the insurance cover to your
earning spouse/partner. This is called the Breadwinner Clause.
This means that if your earning spouse/partner is unable to
work due to any of the insured events, your loan repayments
will be met by the insurance cover.
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Are there exclusions to the Repayment Protection Insurance
cover?
There are a range of exclusions applicable to the RPI which will
be contained in the policy document.
How can I apply?
You can ask sta! member to process your RPI cover when you
apply for your loan. If your loan details change, so will your
premium.
Additional Information
Making a Disability claim
In making a claim for disability cover, you will be required to
provide a Private Medical Attendants Report which will be
forwarded to the Insurance company.
Making a Death Bene!t claim
We will require an original death certi"cate or original coroner’s
interim report. We will also need the funeral invoice for
payment under the Death Bene"t Insurance.
Making an Repayment Protection claim
A claim form can be requested from the Warranty Group 1800
200151. You should complete and return this form in
accordance with the instructions contained in the policy
document. Your claim will be processed within 5 days provided
all documentation is supplied.
Nomination & Insurance Cover
Where a member has completed a Nomination Form, the
account balance plus the proceeds from the insurance can be
paid directly to the nominee to a maximum of €23,000.
Sums exceeding €23,000 will be paid to the deceased estate. In
the event of there being no nomination form completed by the
member, the total shares plus the insurance will be paid to the
members estate.
Who makes the payment?
ECCU Insurance & Warranty Group assess the members account
and insurance claim and process the insurance cover on behalf
of members of Killarney Credit Union.

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