Who is eligible?

You can avail of this protection if:

• You are aged 18 or over and under 68 during the term of the loan.
• You or your spouse (if availing of the breadwinner clause) are in full time employment, working 18 hours or more a week for at least the last 6 months.
• You must live in the Republic of Ireland (ROI) and work either in ROI or the UK.
• You must not be aware of any impending accident/sickness or unemployment likely to happen
• For Joint loans, the cover is applied on 1^st person named basis.

What is insured?

The level of cover will depend on what you decide to insure against. The following summarises what is covered:

Accident and Sickness If an accident or sickness prevents you from working for more than 30 consecutive days, the insurance provides a benefit equal to the daily equivalent of your loan repayment amount for each consecutive day that you are unable to work. Max benefit amount and terms apply. You must meet the conditions of cover in order to successfully claim against this cover e.g.. Pre-existing medical conditions and an accident or illness that arises within 30 days of the loan date are examples of exclusions.

Involuntary Unemployment If you become unemployed for more than 30 consecutive days, the insurance provides a benefit equal to the daily equivalent of your loan repayment amount for each consecutive day that you are unemployed. Unemployment occurring within the first 90 days of the loan is also excluded. Max benefit and terms apply. You must meet the conditions of cover in order to successfully claim against this cover e.g.. Dismissal, seasonal or temporary work and prior knowledge of pending redundancy are examples of exclusions.

Accidental Death If you die as a result of an accident, the insurance provides a benefit equal to 12 times the value of your monthly loan repayment amount. The conditions of cover must be met in order to successfully claim against the cover e.g. deaths from natural causes or deliberate acts are examples of exclusion.

Bread Winner Clause A unique feature of the policy allows a non qualifying member attach the insurance cover to their qualifying spouse, with the agreement of their spouse. If the member’s qualifying spouse is unable to work due to any of the insured events covered, then the non qualifying member’s loan repayments will be met by the insurance cover.

What are the costs for this insurance?

• 7.99% of the agreed loan repayment amount for Accident, Sickness and Involuntary Unemployment cover
• 7.49% of the agreed loan repayment amount for Accident & Sickness cover

The premium is paid in line with the loan repayment i.e. weekly, fortnightly or monthly.

Where a claim is made, the benefit payment is remitted monthly directly to the credit union against the loan under cover – this is to max term of the relevant cover.

Making a claim under an existing Loan Repayment Protection (LRP) policy

If you are out of work due to illness, injury or unemployment and have an LRP insurance policy in place, there are a number of basic steps you should follow when making a claim:

• Check your policy: check your policy document to see whether the reason you are out of work is covered under the policy. For example, if you are out of work due to an illness that is not covered by the policy, then you will be unable to make a claim. Similarly, if you are out of work having taken voluntary redundancy, then you will be unable to make a claim.
• Speak to us: if you are unable to work and wish to make a claim on your LRP cover, contact us to discuss the next steps. You may be requested to complete a claim form. Remember to complete the form as accurately as possible to avoid delays or refusal of your claim. If you are unsure of any information requested on the form, please let us know.
• Get your paperwork in order: when making a claim on a LRP policy, you will be required to submit documentation to support your claim. Examples may include medical certificates, medical assessments, proof of redundancy etc. We will advise what is required.

Can you cancel a LRP policy?

• You can cancel LRP at any time. If you pay off your loan or if you simply decide you no longer need this cover, you can contact us to cancel the policy and payment instruction (payroll or direct debit). There are no penalties for cancellation of cover.
• Your eligibility for cover under this Group Policy may change if your personal circumstances change e.g. if you retire from work and are not intending to actively seek work or if you are no longer resident in the Republic of Ireland. If you decide that this product is no long suitable due to a change in your circumstances e.g. you permanently leave employment, please contact us.
• Please note that if you cancel the policy mid loan, this ends the insurance cover and all associated benefits.

Please refer to the Policy for full Terms and Condition. You can access this by clicking here: Group LRP – Combined Policy Documents 2024

Product Information Document – LRP for Accident, Sickness and Involuntary Unemployment

Product Information Document – LRP for Accident and Sickness

This insurance is underwritten by Maiden Life Försäkrings AB (Maiden Life), a company registered in Sweden, no. 516406-0468 and Maiden General Försäkrings AB (Maiden General), a company registered in Sweden, no. 516406-1003. Maiden Life and Maiden General are regulated in Sweden with regulatory passporting rights to underwrite business in Ireland. Registered office is: Klarabergsviadukten 70, Box 70396, 107 24 Stockholm, Sweden

The Group Policy is arranged by CMutual Services (Ireland) Limited, a company regulated by the Central Bank of Ireland.