Free Loan Protection Insurance is payable on the death of the eligible member, subject to policy terms and conditions.
The insurance benefit payable is the amount of the member’s outstanding loan balance.
Under the St. Francis Credit Union policy death cover ceases on the members 85th birthday.
You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit unions policy.
For joint accounts both parties are covered.
Please note there is no direct cost to the member for this service.