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.

Cover Types:

Life

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

Disability

  • Covers your loan instalments if you are off work for at least 7 consecutive days due to illness or injury
  • Maximum instalment covered is $1,000 per month, maximum payable in total is $100,000

Trauma

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

Redundancy

  • 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 $6,000

Bankruptcy

  • 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 $6,000

Who can be covered?

Cover is available to members with a First Credit Union loan and is subject to approval/eligibility. Exclusions may apply. 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.

Interested?

To find out more visit one of our branches, phone our insurance team on 07 834 4810 or email insurance@firstcu.co.nz.

 

Loan Protection Insurance is underwritten by Co-op Insurance NZ.
Co-op Insurance NZ is the trading name of Credit Union Insurance Limited, an insurer licensed by The Reserve Bank of New Zealand under the Insurance (Prudential Supervision) Act 2010.