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Repayment Protection Insurance
Repayment Protection Insurance (RPI) is an optional insurance cover, which protects your loan repayments in the event of you becoming unable to work for more than thirty (30) certified days. Please note the details below are a summary only, for full details please view the policy document which is available from our office.
Why choose Repayment Protection Insurance?
Accidents occur, illness can strike you down, redundancies can and do happen and can seriously affect you income. As a response to these perils, the Credit Union has designed a valuable product especially for you, the member.
If you are a private employee you can claim R.P.I. in the event of:
- Accident
- Sickness
- Redundancy
- Critical Illness
If you are State / Self Employed you can claim R.P.I. in the event of:
- Accident
- Sickness
- Critical Illness
Who is eligible?
You can avail of this protection if:
- You are aged 18 or over and will be less than 70 when the policy ends.
- You or your spouse are in full time employment, working 18 hours or more a week
What are the benefits of Repayment Protection Insurance?
- Your major worries when borrowing are removed
- Your loan repayments are made for you if you are off work due to accident, sickness, redundancy or critical illness
- You don't need to dip into your savings to keep up your repayments when you are unable to work due to any of the above conditions
- The breadwinner clause is included ~ see below
- The cost is the same for all borrowers regardless of age or sex
- No medical is required when applying for this valuable protection
What is the Bread Winner Clause?
A unique feature of the policy allows the unsalaried member attach the insurance cover to their earning spouse. If the members earning spouse is unable to work due to any of the insured events, the members loan repayments will be met by the insurance cover.
As with all insurance contracts, there are situations where the insurance company is unable to make payments. Here is a brief listing of some exclusions.
- Pre-existing illness (any condition suffered in the past 12 months)
- Pregnancy related conditions
- Prior knowledge of pending redundancy
- Voluntary redundancy
- Self inflicted injuries
- Dismissal
- Alcohol/Drugs related conditions
