Loan Protection Insurance

Provides peace of mind and protection from events that make loan repayments the last thing you want to worry about at an already stressful time.

Types of cover:


  • Pays off the outstanding loan balance in the event of your death
  • Maximum payable is $100,000


  • Covers your loan instalments if you are off work for at least 7 consecutive days due to illness or injury
  • Maximum instalment covered is $1000 per month, maximum payable in total is $100,000


  • Pays a lump sum in the event of a heart attack, stroke, cancer or coronary artery surgery
  • Maximum payable is $10,000


  • Covers your loan instalments for 6 months, to give you time to look for new employment without having to worry about paying your loan
  • Maximum payable is $6000


  • Pays a lump sum to your loan, equal to 6 months worth of your loan instalments, to help reduce your outstanding debt
  • Maximum payable is $6000

Who can be covered?

Cover is available to members with a First Credit Union loan and is subject to approval/eligibility. All cover ceases at age 70.

How much will it cost?

Premiums are calculated on the outstanding loan balance and are debited from your First Credit Union loan at the end of each month. The premium will vary depending on what the loan balance is and which cover types you have.


To find out more visit one of our branches, call our insurance team on 07 834 4810 or email

Loan Protection Insurance is underwritten by Credit Union Insurance Limited (CUIL)