Repayment Protection Insurance (RPI) is available to members. It protects loan repayments in case of accident, illness or redundancy. In the case of self employed and state employees critical illness cover is offered in lieu of redundancy cover.
In order to be eligible for RPI the following conditions apply:
- Aged 18 but under 70 during the term of the loan
- In permanent employment – at least 18 hours per week
- Not aware of impending redundancy
- Any critical illness which occurs within 120 days of the loan start does not qualify.
If the borrower is not in full time employment, they may nominate their employed spouse or partner as the insured. The Breadwinner does not have to be a member of the Credit Union.
Making a claim:
- Member must be off work for 30 days
- Member completes claim form
- Assurant (RPI) company assess claim
- Funds a sent to credit union for lodgement every month.
Claims are paid until:
- Member gets a new job
- Loan ends
What is offered:
- Accident & sickness and Involuntary Unemployment cover up to a maximum of €2,000 per month
- Critical illness cover up to a maximum of €10,000 for PAYE employees and €120,000 for self employed and state employees
- Return to work coverage for members claiming under accident & sickness who return to work on a reduced salary
- Members claiming against their Involuntary unemployment cover, returning to work temporarily, can continue their loss when the employment finishes as long as Assurant are notified in advance or the employment commencing